CloudMD to Acquire the Largest Medical Directory in Canada with Robust, Up-to-Date, Information on 91,000 Practicing Physicians and 10,000 Residents and Nurse Practitioners
Canadian Medical Directory is the largest directory of trusted, highly-segmented
information on doctors and medical professionals
- Highly complementary for CloudMD to integrate, optimize and cross sell its suite of products including Juno EMR, iMD Health and Snapclarity
100% SaaS based, high margin, revenue model with significant opportunities to drive and optimize revenue
VANCOUVER, British Columbia, Oct. 21, 2020 (GLOBE NEWSWIRE) -- CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a telehealth company revolutionizing the delivery of healthcare to patients, is excited to announce that it has entered into a Binding Term Sheet (“Term Sheet”) to acquire the Canadian Medical Directory (“CMD”), Canada’s largest, most trusted, directory of medical professionals including 91,000 practicing physicians and 10,000 residents and nurse practitioners across the country. The robust, multi-layered database is genuinely unique as no other direct competitor has a SaaS platform that collects and vends the data in such a highly segmented, up-to-date way.
For 65 years, CMD has been trusted as the gold standard for information and is considered the only reliable resource for all provinces' medical professionals in a standard national format. CMD is Canada’s leading source for profile and contact information on practicing physicians — both general practitioners and medical specialists— and nurse practitioners, across the country. With up-to-date information, it’s a key reference tool used by clinics, hospitals, medical placement firms, pharmaceutical companies, and manufacturers and distributors of medical equipment and supplies. CMD has very high brand recall and recognition as a trusted source of information.
Having accurate information on every medical practitioner across the country will be immediately valuable for CloudMD to cross sell, and optimize its suite of products. CloudMD will be able to integrate the CMD database into its Juno EMR, billing, virtual care and telehealth platforms, as well as iMD Health’s leading educational resource databank. This acquisition will allow CloudMD to leverage the CMD brand, customer network and data, to power up and accelerate doctor acquisition and adoption. The acquisition will also enable CloudMD to use its suite of products and resources to continue building and growing CMD’s robust database.
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