Virtual care company Think Research is set to acquire fellow Toronto-based company MDBriefCase, for a total value of $25.3 million CAD.
An almost twenty-year-old company, MDBriefCase offers continuing medical education (CME) and specializes in providing accredited, online continuing professional development (CPD) programs for healthcare professionals, built for international markets.
The announcement marks the second such deal Think Research has made since it when public on the TSXV.
MDBriefCase has partnered with medical associations to provide education programs to more than 270,000 healthcare professionals. Bringing on MDBriefCase would greatly expand Think Research’s current reach, as its digital healthcare solutions are currently used by around 28,000 clinicians globally.
Think Research, which is a healthcare software startup that develops tools and content for clinicians, said the deal will allow it to provide e-learning experiences to healthcare professionals on an international basis, updating them on the latest evidence and protocols.
The announcement of plans to acquire MDBriefCase marks the second such deal Think Research has made since it when public on the TSX Venture Exchange (TSXV). In late December, the company began trading under the symbol “THNK” after having announced its intention to go public via RTO over the fall; later raising $33 million in a private placement co-led by Canaccord Genuity Corp. and Cormark Securities Corp.
Earlier this month, Think Research revealed it is set to acquire Clinic 360, a cosmetic and elective surgery clinic based in Toronto. Prior to listing on the TSXV, Think Research also completed an acquisition of HealthCarePlus Group of Clinics in December, for nearly $15 million.
When closed, MDBriefCase would mark Think Research’s third acquisition.
Details of the MDBriefCase agreement include $24 million of common shares in Think Research, at a price of $4.65 per common share, for an aggregate of 5,161,290. It also includes a cash payment of approximately $1.3 million to be paid, pro-rata, to the shareholders of MDBriefCase; this includes MDBriefCase investor Persistence Capital Partners and CEO Jason Flowerday. The terms are subject to adjustments on closing. The deal will also see Think Research take on $3.2 million in debt from MDBriefCase.
“The combination of Think Research and MDBriefCase is transformative for both companies and, most importantly, for our industry sponsors that leverage CME to support clinicians and other healthcare providers,” said Flowerday. “With Think Research, our ability to provide a solution that leverages industry-leading digital healthcare technology will accelerate the education of clinicians around the world on the latest evidence and best practices that are aimed at measuring and improving patient outcomes.”
UPDATE 13/05/2021: This article previously incorrectly stated that Think Research is listed to the TSX. It has been updated to reflect that the company is listed on the TSX Venture Exchange.
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