WELL Health raises $70 million of target $500 million from bought deal offering

a group of five people is meeting in a board room with the logo of the Well Health company on the wall

Vancouver-based WELL Health Technologies has raised $70 million from a bought deal offering of convertible debentures.

In a September 22 regulatory filing, the company revealed it plans to raise up to $500 million in capital through the sale of common shares, warrants, subscription receipts, units, debt securities, or share purchase contracts in one or more transactions over the next 25 months.

Eight Capital and Scotiabank acted as joint bookrunners of the recent offering, joined by a group of underwriters that also included Stifel GMP as co-lead underwriter, and Canaccord Genuity Corp., CIBC World Markets Inc., Desjardins Securities Inc., Laurentian Bank Securities Inc., TD Securities Inc., Beacon Securities Limited, Echelon Wealth Partners Inc., Haywood Securities Inc., Paradigm Capital Inc. and PI Financial Corp

Founded in 2012 by chairman and CEO Hamed Shahbazi, WELL Health is an acquisitive healthtech company that is publicly traded on the Toronto Stock Exchange under the symbol ‘WELL.’

The company offers a healthcare practitioner enablement platform that includes tools for digital patient engagement, electronic medical records (EMR), revenue cycle management, and data protection services. WELL Health also claims to own and operate Canada’s largest network of outpatient medical clinics.

RELATED: WELL Health filing indicates company may raise up to $500 million to support acquisition strategy

It intends to use the net proceeds from any associated offerings to fund its growth initiatives, including future acquisitions of companies, technologies, intellectual property, or other assets, and to finance general corporate and working capital requirements, repay debts, or support other corporate purposes.

As part of its acquisition strategy, WELL Health announced plans to acquire a majority stake in American digital pharmacy startup Wisp, and acquire North York-based Aware MD, which provides a platform for managing EMRs.

WELL Health has also acquired a number of other healthcare and digital tech companies, including Ontario-based MyHealth, Intrahealth, ExecHealth, and Vancouver’s CRH Medical.

The healthtech company’s growth strategy also involves making strategic minority investments in digital health and wellness startups, which it does through its venture arm, WELL Ventures.

Charlize Alcaraz

Charlize Alcaraz

Charlize Alcaraz is a staff writer for BetaKit.

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