DOCRF - CloudMD closes the acquisition of Medical Confidence

Telehealth company CloudMD Software & Services (DOCRF) has completed the previously announced acquisition of the healthcare navigation platform Medical Confidence Inc.By providing access to a proprietary, real-time digital database of publicly available specialists and their wait times, Medical Confidence aims for wait time reduction, allowing patient referrals to the right specialist in the shortest available time.The customer base of Medical Confidence includes employers, individuals, disability case managers, life and health insurers, and property and casualty insurers, and the company has long-term contracts with Canada’s largest group benefit and disability insurers.For fiscal 2020 ending March, Medical Confidence has posted ~$2M in revenue with more than ~35% YoY growth and EBITDA margins of over 26%. The acquisition is immediately accretive to CloudMD, the company said in a statement.In October, CloudMD entered into an agreement to acquire 100% of Medical Confidence for an aggregate consideration of $6M.

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CloudMD closes the acquisition of Medical Confidence