Globe & Mail 09:05 AM EST, 11/18/2020 (MT Newswires) -- Telehealth company CloudMD Software & Services Inc. (DOC.V), which fell 4.3% yesterday, on Wednesday said it has closed its acquisition of patient engagement software company iMD Health Global Corp.
iMD is a platform used by healthcare professionals to provide medical information and includes a digital library and consultative visual component that can be accessed on any digital device.
The platform is populated with content licensing partnerships with health associations and pharmaceutical companies. Canadian pharmaceutical company Apotex Pharmaceuticals holds an 18% equity stake in iMD.
Under the deal, CloudMD will pay shareholders $10 million, composed of $1.5 million in cash, $4.5 million in shares and performance-based earnouts of $4 million payable in shares, in annual issuances over a two-year period.
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