Electronic medical records provider Medfar Clinical Solutions raises $25 million CAD

healthtech

Walter Capital Partners has acquired a minority stake in Montreal’s Medfar Clinical Solutions, leading a $25 million CAD investment in the electronic medical records (EMR) provider. The company did not disclose the round’s other investors.

As part of the deal, Éric Phaneuf, president and CEO of the Québec-based private equity firm Walter Capital Partners, will join Medfar’s board of directors.

The healthtech startup touts itself as “the leading pure-play EMR provider in Canada.”

The healthtech startup, which touts itself as “the leading pure-play EMR provider in Canada,” plans to use the new capital to expand the reach of its web-based EMR solutions. Medfar aims to increase its growth in North America through the development of its technology, hiring, and acquisitions.

Founded in 2010 by two aeronautical engineers, Elias Farah and Patrick Issid, Medfar aims to simplify the administrative processes associated with daily medical practice for doctors and private clinics, housing patient files and data on its web-based platform. The company claims it is the first to certify a fully web-based EMR solution in Canada.

Medfar offers MYLE, an EMR solution that serves general practitioners. MYLE, which is an acronym for “make your life easy,” is a subscription-based platform that includes four separate offerings: EMR, Analytics, Patient Portal, and Connect. It serves as both an EMR and a more comprehensive care management solution.

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According to Medfar, the startup serves nearly 7,000 physicians in Canada, who deliver 10 million consultations annually.

Last July, Medfar acquired Plexia Electronic Medical Systems, an EMR provider for specialists, for an undisclosed amount, expanding the company’s operations to 1,000 physicians in British Columbia and Yukon. A company spokesperson told BetaKit Medfar has since “successfully integrated operations” of Plexia.

“We partner with strong management teams possessing deep sector understanding and we know that Medfar has all the ingredients to become a leading player globally,” said Phaneuf, who added that Walter Capital was particularly impressed by how the company adapted to the pandemic.

Photo by National Cancer Institute via Unsplash

Josh Scott

Josh Scott

Josh Scott is a BetaKit staff writer who loves to tell Canadian business and tech stories. His coverage is more complete than his moustache.