CloudMD Closes Acquisition of Aspiria, and Launches Focused Mental Health Support Solution in North America for Employers and Students

Combined Network of 3 Million Patient Lives and 7,500 Psychologists and Psychotherapists

• Aspiria is a leader in Student Assistance and Employer Programs and serves over 750 organizations, with 1 million employees, students, and their families, in Canada and internationally
• Fully integrated Mental Health Solutions offering including HumanaCare, Aspiria and Snapclarity, providing more than 3 million employees and students with access to the digital mental health platform
• Ensure employees and students receive access to traditional Employee Assistance Program services as well as virtual access to multidisciplinary services such as Internet-based Cognitive Behavioural Therapy (iCBT), Women’s Mental Health, Oncology support as well as other solutions tailored to moderate and chronic mental health
• Anticipated annual pro forma revenue growth rate of over 20% across Enterprise Health Solutions (“EHS”) division with fully realized cost saving synergies of $500,000 per year

VANCOUVER, British Columbia, April 06, 2021 (GLOBE NEWSWIRE) -- CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a digital healthcare technology company revolutionizing the delivery of care, is pleased to announce that it has closed the previously announced acquisition of Aspiria Corp. (“Aspiria”), a company that provides an integrated Employee (“EAP”) and Student Assistance Program (“SAP”), that focuses on a comprehensive suite of mental health and wellness solutions for all employer and educational sectors. Aspiria currently serves over 750 organizations, with 1 million employees, students, and their families, in Canada and internationally.

With the acquisition of Aspiria, CloudMD now has the fourth largest EAP platform in Canada, with a combined network of over 7,500 psychologists and psychotherapists covering over 3 million lives. The addition of Aspiria to CloudMD’s EHS Division is immediately synergistic and will contribute to the division’s healthy gross margins, and an organic growth rate of over 20%. CloudMD continues to expand its footprint into specialized segments, scale its operations, and drive revenue and profitable growth across its EHS Division.