Dec. 21st , 2020
WELL Health to Acquire Adracare – A Comprehensive Omni-Channel Practice Management Platform for Allied Health Professionals Operating in Five Countries
“We’re thrilled at the prospect of welcoming Olivier Giner, CEO of Adracare, and the rest of the talented Adracare team to the WELL family,” said Hamed Shahbazi, Chairman and CEO of WELL. “Adracare is a complementary offering to our existing EMR and telehealth software revenue streams and broadens our technology solutions into markets that we currently don’t serve such as mental health and cannabis therapy.”
WELL has agreed to pay a purchase price of approximately CAD $4,750,000 in cash for the acquisition of Adracare, subject to adjustments and holdbacks. Based on its current revenue run-rate and recently signed contracts, WELL expects Adracare to generate annualized revenue of close to CAD $2 million(1) and be profitable on an EBITDA(2) basis.