CloudMD to Acquire VisionPros, a Rapidly Growing Digital Eyecare Platform with a Robust Suite of Digital Vision Care Tools
VisionPros had Revenue surpassing $22 million with adjusted EBITDA margins exceeding 10% during 2020
- VisionPros is headed by leading minds in the industry – including the pioneer of the first online vision test platform launched in the United States
- VisionPros is a vertically integrated eyecare platform with almost 1 million unique customer accounts in North America
- Unique subscription model with flexible monthly options; currently 18% of customer base on VisionPros.com subscribed and growing
- Planned launch of innovative, best-in-class digital vision test technology embedded into e-commerce platform in 2021
- Highly scalable business model, synergistic to CloudMD’s technology stack with significant cross-selling opportunities
- Increases CloudMD’s annual revenue run rate to over $85 million
VANCOUVER, British Columbia, Feb. 16, 2021 (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 signed a binding term sheet (“Term Sheet”) to acquire VisionPros, a vertically integrated digital eyewear platform that has serviced almost 1 million unique customers across North America.
VisionPros conveniently delivers contact lenses and glasses right to their customer’s door, anywhere in North America, at a fraction of the cost of traditional retail optical stores. The highly scalable business model includes a rapidly growing, high margin e-commerce platform, subscription business and innovative suite of digital vision care tools. VisionPros offers a unique subscription offering, with flexible monthly billing options, as well as some of the lowest prices in North America. The multi-disciplinary platform also includes a brick-and-mortar clinic, online/in-person dispensary and a lens laboratory that manufactures and distributes lenses to eyecare partners for their own affordable KIND eyewear line.
VisionPros was founded by Dr. Jessy Manhas and is led by a team of eye doctors committed to providing patient-focused vision care, and empowering practitioners through its disruptive tele-optometry technology. VisionPros’ CEO, Dr. Steven Lee, is a pioneer of the online vision tests in the market and developed the first online vision test platform which remains the current standard in North America. Subsequently, Dr. Lee developed, patented and is launching a new best-in-class, advanced technology that will deliver the safest online vision tests. This technology is designed to ensure a significantly higher level of accuracy and authentication of scripts. As part of VisionPros’ commitment to global eye health, the company has contributed to the Eyes for the World charity organization, founded by the principals of VisionPros and dedicated to restoring sight through glasses or surgery and to prevent blindness around the world. Amongst its contributions, Eyes for the World, has helped fund the construction and operation of two eye hospitals – one in India and one in Jamaica.
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