The consideration to be paid by Harris in connection with the sale is US$6.3 million
Harris acquires vertical market software businesses, manages them using industry best practices, and builds them for the future. (Credit: Carlos Muza on Unsplash)
CloudMD Software & Services, an innovative health services company transforming the delivery of care, today announced that it has closed the sale of its U.S. based Electronic Medical Records (“EMR”), Practice Management, and Revenue Cycle Management (“RCM”) assets for approximately US$6.3 million. The sale was pursuant to a definitive agreement (the “Agreement”) with a subsidiary of N. Harris Computer Corporation (“Harris”) and follows the sale of CloudMD’s Canadian EMR business in October 2022.
Karen Adams, CEO of CloudMD, commented, “We continue to successfully execute our strategy of focusing on our higher growth and margin businesses while surfacing value from non-core assets in our portfolio. The leadership team’s focus is on growing our core Health and Wellness Services business and executing on our expanded pipeline in our Health and Productivity Solutions business, particularly our remote patient monitoring platform. This will further enable us to deliver on our path to profitability with deployment of capital and resources to high growth opportunities.”
Transaction Details
The consideration to be paid by Harris in connection with the sale is US$6.3 million. Approximately US$5.5 million of the consideration was paid on closing (subject to adjustments for working capital) with the balance held as a customary holdback.
INFOR Financial Inc. acted as exclusive financial advisor and Cassels Brock & Blackwell LLP acted as legal advisor to CloudMD.
Source: Company Press Release