CloudMD Signs Definitive Agreement to Acquire Re Function, a Profitable Rehabilitation Clinic Network
Cashflow positive business with $5.8 million in annual revenue and EBITDA margins north of 19%
- Re:Function Health Group is an integrated network of 8 clinics with 37 specialists and allied health professionals offering various rehabilitation services
- Specialists & Allied Health Professionals include: Occupational Therapists, Physiotherapists, Kinesiologists, Psychologists, Counsellors, & Psychiatrists
- Important healthcare solution that provides assessments for enterprise clients, insurers and corporations for long term disability claims and return to work outcomes
- This acquisition provides CloudMD and Re:Function patients with a comprehensive, single stop for their healthcare needs
The acquisition is immediately accretive with the existing CloudMD patient base gaining
access to the clinical services offered by Re:Function through the use of the CloudMD suite of health
technology tools and virtual health platform implemented within Re:Function
VANCOUVER, British Columbia, Nov. 09, 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 signed a definitive share purchase agreement (“Definitive Agreement”) to acquire Re:Function Health Group Inc. (“Re:Function”), a leading rehabilitation clinic network, with 8 clinics and 37 specialists and allied health professionals across British Columbia. Since the acquisition was announced, the Re:Function team opened an additional clinic, increasing the previously announced 7 location network to 8 locations across BC. This acquisition represents a significant addition to the depth and spectrum of healthcare services provided by the CloudMD platform. With Re:Function, CloudMD’s network will include 15 clinics and over 95 healthcare practitioners servicing approximately 500,000 patients.
Re:Function is a state-of-the-art rehabilitation company built by like-minded health professionals offering superior patient focused care, with a longitudinal approach to healthcare delivery. The practice is made up of four key rehabilitation pillars, Re:Build (physiotherapy), Re:Think (counselling), Re:View (medlegal consulting) and Re:Tool (vocational rehabilitation), and a team of specialists including: Occupational Therapists, Physiotherapists, Kinesiologists, Psychologists, Psychiatrists and Counsellors.
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