Mississauga-based PointClickCare is set to make its largest acquisition to date as the healthtech company has announced its intent to acquire Utah-based Collective Medical.
As reported in the Globe and Mail, the acquisition is estimated to cost between $500 million and $1 billion USD, and will be funded by debt, cash, and equity. The acquisition is expected to close in December 2020.
“Our mission is to improve the lives of seniors, and we believe the best way to meaningfully advance this goal is by connecting disparate points of care.”
PointClickCare, which provides software solutions for the post-acute care and senior markets (LTPAC), was founded in 1995. In September of 2019, the company opened a new developer hub in Toronto supporting the company’s development of SaaS products.
PointClickCare’s cloud-based software was created for the LTPAC market to offer care delivery management, financial management, and access to patient data. The company received a $186 million investment from San Francisco-based Dragoneer Investment Ground in early 2018.
The proposed acquisition of Collective Medical continues PointClickCare’s acquisition strategy over the past two years. In May, the company acquired Co-Pilot, an analytics solution developed by Consonus Healthcare, in a move to provide PointClickCare customers with more capabilities to optimize their performance through data analytics. In 2019, PointClickCare acquired QuickMAR, a medical management tool for the long-term and post-acute care market aiming to reduce medication errors and paperwork inefficiencies.
“Collective Medical offers the right fit of people and technology and together we will initiate a new era of data-enriched collaboration across the continuum that radically transforms how data and people are empowered to liberate health,” said Mike Wessinger, founder and CEO of PointClickCare. “Our mission is to improve the lives of seniors, and we believe the best way to meaningfully advance this goal is by connecting disparate points of care.”
Collective Medical was founded in Salt Lake City, and offers a network-enabled platform for real-time care coordination. PointClickCare’s proposed acquisition of Collective Medical will reportedly enhance the ability for PointClickCare to offer point-of-care access to real-time patient insights during a patient’s healthcare experience.
“There is near-perfect alignment between Collective Medical and PointClickCare given our shared values and mission to support vulnerable populations,” said Chris Klomp, CEO of Collective Medical. “We are thrilled to join forces with PointClickCare to expand our network even faster as we work to connect healthcare at scale and ensure no patient slips through the cracks of an otherwise fragmented care continuum.”