Toronto-based healthtech company Think Research has increased a credit facility with the National Bank of Canada to increase its working capital and further its active acquisition strategy.
Think Research has amended an existing credit agreement with National Bank that gives the company a $15 million revolving credit facility and a $10 million revolving acquisition facility for an aggregate total availability of up to $25 million.
The facilities follow a quarter of record revenue for Think Research, driven in part by the startup’s acquisition strategy. After going public on the TSX Venture Exchange (TSXV) in December, Think Research acquired two companies, MDBriefCase and Clinic 360.
CEO of Think Research, Sachin Aggarwal, noted, as part of the company’s first-quarter financial results, plans to remain active in the merger and acquisition space.
Think Research is a healthcare software company that develops tools and content for clinicians. It was founded in 2006 and has made three acquisitions to date. The deal for MDBriefCase, for a total value of $25.3 million CAD, brought Think Research the ability to provide e-learning experiences to healthcare professionals on an international basis. The other two deals include Clinic 360, a cosmetic and elective surgery clinic based in Toronto, and HealthCarePlus Group of Clinics, which Think Research acquired in December for nearly $15 million.
In the first quarter of 2021, Think Research pulled in revenue of $8.4 million CAD, an increase of 44 percent compared to the same period last year. The number also represented a 135 percent from the fourth quarter of 2020.
Earlier this year, Think Research also announced that demand for its VirtualCare telemedicine platform increased by over 600 percent since the start of COVID-19 and Think Research’s Ontario digital referrals program hit 250,000 referrals processed. This year, the startup also revealed a multi-year partnership with Iceland’s hospital record system to deploy Think Research’s clinical content software and signed a national partnership with seniors pharmacy company CareRX to deliver virtual healthcare to Canadian seniors.