DOCRF - CloudMD to acquire Aspiria for $3M

CloudMD Software & Services (DOCRF) signed a binding term sheet to acquire 100% of Aspiria, an integrated, Employee and Student Assistance Services company, which focuses on a comprehensive suite of mental health and wellness solutions for all employer and educational sectors, for $3M ($1.2M in cash, $1.05M in shares and a performance-based earnout of $0.75M).Currently, Aspiria serves 750+ organizations, with 1M employees, students, and their families, in Canada and internationally.Aspiria will become part of CloudMD's Enterprise Health Solutions Division and is immediately synergistic with a number of healthcare solutions in the division.Aspiria will complement CloudMD's other mental health solutions including Snapclarity and HumanaCare to promote effective and efficient clinical best practices in managing mild, moderate and chronic conditions.With Aspiria, CloudMD's clinical network will increase to ~7.5K therapists and mental health professionals in North America.Current annualized revenue run rate of Aspiria is ~$3.4M; expected to generate EBITDA margin greater than 20% with non-speculative post acquisition

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CloudMD to acquire Aspiria for $3M