CloudMD has closed its acquisition of Aspiria, a company that provides an integrated employee and student assistance program.
Aspiria is a leader in student assistance and employer programs and serves over 750 organizations, with 1 million employees, students, and their families, in Canada and internationally.
With the acquisition of Aspiria, CloudMD now has the fourth-largest employee assistance program platform in Canada.
The company expects the addition of Aspiria to result in an organic growth rate of over 20 per cent across CloudMD's Enterprise Health Solutions (EHS) division.
Aspiria represents the newest addition to CloudMD's focus on mental health services, which combines the efforts of CloudMD, Aspiria, and Snapclarity, a mental health service provider.
Karen Adams, Chief Health Innovation Officer and Global Head of EHS, commented,
“The addition of Aspiria enables us to support employers with the launch of our integrated mental health support solution.”
“Rising mental health issues in the workplace requires an expansion of what employers currently understand as EAP which includes more assessments, comprehensive treatment plans and progressive measurement empowering people to get the help they need,” she added.
The acquisition was completed according to the previously announced terms.
CloudMD has purchased 100 per cent of Aspiria's outstanding shares from its shareholders for C$3 million.
CloudMD is digitizing the delivery of healthcare by providing a patient-centric approach, with an emphasis on continuity of care.
The company is focused on the integration of all its healthcare technology solutions to provide a connected healthcare ecosystem that addresses all points of a patient healthcare journey.
CloudMD (DOC) is up 1.05 per cent and is trading at $1.93 per share as of 9:34 am ET.