Globe & Mail 08:16 AM EST, 11/09/2020 (MT Newswires) -- WELL Health Technologies Corp. (WELL.TO) has entered into a definitive share purchase agreement dated November 6 with INSIG Corporation, a virtual care platform in Canada. INSIG will be a wholly-owned subsidiary of WELL.
INSIG's B2B SaaS business provides its growing base of over 2,800 healthcare professionals with virtual care software that automates patient documentation through questionnaires. Its wholly-owned B2C virtual clinic, Tia Health, leverages INSIG's B2B user base to provide patients with a supply of doctors on demand through online appointments while providing the option for continuity of care through a patient-centric patient record. WELL expects to add an incremental $6.5 million in annual revenue after eliminating intercompany revenue between the two organizations.
Well Health will pay: (i) $22.1 million issuable in approximately 2.84 million WELL common shares at a deemed price of $7.79 per share, (ii) a 60-day holdback amount of $1.4 million payable in WELL common shares; and (iii) a multi-year performance earn-out of up to a maximum aggregate amount of $7.1 million, a portion of which may be issued in WELL common shares.
INSIG's virtual care services are fully integrated with WELL's OSCAR Pro EMR and used by hundreds of practitioners in WELL's EMR network. Since its launch on WELL's apps.health marketplace, INSIG's virtual care "app" has been one of the most successful apps used by clinicians. The parties have extensive plans to further augment and embed INSIG's tools and capabilities in WELL's clinical and digital assets in Canada.
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