DOCRF - CloudMD acquires majority interest in Benchmark Systems

CloudMD (DOCRF) to acquire 87.5% of Benchmark Systems from Antworks (parent company) for $4.375M in cash.Benchmark System is an proprietary cloud-based practice management, billing and telehealth enabled electronic health record provider.The acquisition is immediately accretive as it provides CloudMD with expansion, distribution and optimization opportunities throughout the U.S. in supporting a patient centric model.Benchmark generates revenue of ~$4.9M and over 13% EBITDA annually from SAAS based, recurring revenue.AntWorks will retain a 12.5% equity stake and remain a strategic partner for CloudMD both in the U.S. and globally.

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CloudMD acquires majority interest in Benchmark Systems