DOCRF - CloudMD Software & Service to acquire Rxi Group for $9.5M

CloudMD Software & Services (DOCRF) signed a binding term sheet to acquire Rx Infinity, Rxi Pharmacy, and Rxi Health Solutions, for enhancing its specialty health services to patients, providers, payers and manufacturers in Canada.For 100% outstanding securities if Rxi, CloudMD agreed to pay Rxi shareholders total consideration of $9.5M ($2.5M in cash, $4M in common shares and a performance-based earnout of $3M).Rxi's pharmaceutical logistic services include drug distribution, patient navigation assistance, a preferred pharmacy network of 500+ pharmacies and real time universal disease management software.The acquisition of Rxi will be synergistic across CloudMD's platform of healthcare technology solutions and will be integrated with its electronic medical records software, educational resources, healthcare navigation and enterprise health services.In CY20, Rxi's annualized revenue was ~$16.6M with EBITDA of ~$600K.

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CloudMD Software & Service to acquire Rxi Group for $9.5M