DOCRF - CloudMD to acquire Canada's Oncidium

CloudMD Software & Services (DOCRF) has signed a binding agreement to acquire Oncidium, one of Canada’s leading healthcare providers to employers, in a deal valued at about $100M.Under the terms of the deal, CloudMD has agreed to pay Oncidium shareholders $30M in cash, $38M in shares at a deemed price of $2.30/share and a performance-based earnout of up to $32M over a 3 year period.The company said that the deal Oncidium will immediately be synergistic, and added that it will enable CloudMD to provide a comprehensive EHS solution to the combined network of over 5,500 clients and 5 million employees across North America.CloudMD intends to fund the cash portion of the upfront consideration with cash on hand and/or debt.The closing of the transaction is expected to occur during the first half of June 2021.

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CloudMD to acquire Canada's Oncidium