Five Canadian tech companies have recently made acquisitions or been acquired, including WELL Health, Inkblot, Relay Medical, Alayacare, and Ataccama. Here’s the latest on Canada’s movers and shakers.
WELL Health to acquire Intrahealth for $19 million
Vancouver health services company WELL Health plans to acquire electronic medical records (EMR) provider Intrahealth for $19.25 million. The deal is expected to be completed early during the second quarter of 2021.
WELL plans to pay $10.6 million in cash up front and issue $3.8 million in shares by the closing date to fund the bulk of the transaction, and intends to pay the rest of the cost at a later date, subject to various conditions.
According to WELL, Intrahealth, which was founded in New Zealand but is currently based in Vancouver, has a deep intellectual property (IP) portfolio and a customizable platform, which it uses to support approximately 15,000 clinicians across Canada, Australia, and New Zealand.
Through the deal, WELL aims to expand its footprint into New Zealand and Australia, integrate Intrahealth’s complimentary platform into its marketplace, and provide multiple EMR products in its suite of offerings. Post-closing, Intrahealth will continue to operate as a standalone business within WELL’s EMR Group. Intrahealth’s CEO Mark Matthews will also stay on in his current role.
WELL aims to consolidate and modernize clinical and digital assets in the healthcare sector. Earlier this year, the Toronto Stock Exchange-listed company announced plans to acquire CRH Medical for $373 million CAD, signifying its intentions to expand into the US healthcare market.
Green Shield Canada acquires Toronto healthtech Inkblot
Green Shield Canada (GSC), one of Canada’s largest health and dental benefits providers, has acquired Toronto healthtech startup Inkblot, which delivers virtual mental health services through its platform. The terms of the deal were not disclosed.
GSC said Inkblot gives it the foundation and infrastructure to give individuals, employers, health systems, and governments clinically validated, patient-centric mental health care services. Inkblot’s current leadership team will continue to operate the business under the Inkblot brand. The company’s current president, Luke Vigeant, will remain in his role.
Through ownership and partnerships, GSC aims to build one of Canada’s top digital health ecosystems. The insurance firm has previously invested in or partnered with other Canadian healthtech startups, including MindBeacon, Maple, PocketPills, and GenXys.
Relay Medical set to acquire Cybeats for $7 million
Toronto healthtech firm Relay Medical is set to acquire Greater Toronto Area-based Cybeats, an internet-of-things (IoT) cybersecurity startup, for $7.18 million.
Relay, which is traded on the Canadian Stock Exchange, intends to pay $500,000 in cash and fund the remainder by issuing approximately $19.3 million shares at a price of $0.61 per share.
Through the deal, Relay plans to acquire Cybeats’ technology, IP, and trade secrets. Following the acquisition, Cybeats will become a wholly-owned subsidiary of Relay, and Cybeats co-founder and CEO Dmitry Raidman will become CTO of Cybeats.
Relay said the move will help it provide safe, reliable data-driven tech, including point-of-care medical devices, consumer IoT diagnostic solutions, and COVID-19 testing devices.
AlayaCare acquires AcuteNet, announces executive changes
Montreal-based healthtech startup AlayaCare has acquired fellow Toronto healthtech company AcuteNet. The acquisition closed earlier this month, and the terms of the deal were not disclosed.
AcuteNet specializes in International Resident Assessment Instrument for Long-Term Care Facilities (interAI), a system that standardizes the approach and language used by healthcare providers across settings. Through the acquisition, AlayaCare aims to leverage over 10 million new structured clinical assessments and data points to drive new AI initiatives and improve patient outcomes.
In addition to the acquisition, the startup recently appointed new management team members: Jean-Francois Gailleur as senior VP of engineering and Jonathan Vallée as its new VP of data. Gailleur has been tasked with expanding the company’s engineering capabilities while Vallée will aim to help customers generate business value through data.
Last August, AlayaCare secured $15 million CAD in growth capital financing from CIBC Innovation Banking, which it planned to use to “increase its presence in North America and Australia.”
Ataccama acquires Tellstory
SaaS startup Ataccama, which is headquartered in Toronto, has acquired Tellstory, which provides a data visualization platform. The terms of the deal were not disclosed. Ataccama provides data management and governance solutions.
The acquisition enriches Ataccama’s flagship Ataccama ONE platform, equipping its artificial intelligence (AI)-powered data management and governance software with data visualization capabilities. The entire Tellstory team and leadership have joined Ataccama as part of the deal.
Ataccama plans to launch Tellstory as a multi-tenant tool with a free tier version available in March 2021. It aims to integrate Tellstory within Ataccama ONE later this year.
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