Well Health Technologies, an operator of virtual care clinics in British Columbia, acquired EHR-integrated practice management software provider Intrahealth Systems for over $19.25 million.
As part of the acquisition, Well Health will integrate Intrahealth Systems’ EMR and clinical healthcare software into its services. Intrahealth works with several stakeholders, including health authorities, hospitals, public health outpatient centers, community health, home care, ambulatory care, and diverse health care professionals.
Intrahealth’s hospitals’ solutions include patient administration system, bed management, waiting list management, enterprise-wide scheduling, case management, medication management, emergency room operations, and ward management, among many other features.
According to the press announcement, Intrahealth supports approximately 15,000 healthcare professionals in Canada, Australia, and New Zealand. Over the past 12 months, Intrahealth generated more than $9 million in revenues.
Intrahealth will operate as a stand-alone business within the Well EMR Group and be operated by its current CEO, Dr. Mark Matthews.
Dr. Mark Matthews, CEO of Intrahealth, said, “We look forward to being a part of the larger WELL Health ecosystem, which enables us to leverage the management, capital allocation, and shared services expertise of WELL while continuing to grow and serve our customers. WELL is aligned with our vision of global expansion and provides Intrahealth with additional products and services for our customers.”
Toronto-based M&A advisory firm WD Capital Markets acted as an advisor to Intrahealth and arranged the transaction with Well Health.
Hamed Shahbazi, Chairman and CEO of Well Health, said: “We are very excited about this highly complementary and accretive acquisition as it expands WELL into a multi-product EMR company, boosts our digital health revenue, increases our global footprint, and creates numerous cross-selling opportunities. This is a transformational acquisition for our WELL EMR Group as it positions WELL as a leading international EMR operator.”
A total of 184 digital health companies were acquired in 2020, compared to 169 in 2019, according to Mercom’s Q4 and 2020 Digital Health Funding and M&A Report. Learn more about M&A activity in the digital health sector.
