Canada-based CloudMD buys CMD to expand medical database
Category: #health  By Pankaj Singh  Date: 2021-01-25
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Canada-based CloudMD buys CMD to expand medical database

CloudMD Software & Services Inc., a virtual medical care solutions provider based in Canada, has reportedly announced that it has completed the acquisition of the Canadian Medical Directory (CMD)- the nation’s largest and most prominent directory of medical professionals including 91,000 practicing physicians, 10,000 resident, and nurse practitioners across Canada.

This highly reliable multi-layer database is unique since no other competitor provides a SaaS platform that collects and vends data in a way that is extremely segmented and up-to-date.

Notably, CMD has been trusted for many years for providing updated information of all the leading medical professionals across the country. CloudMD is the nation’s leading source for contact information and profile of practicing physicians, nurse practitioners, and specialists. It is an integral reference tool widely used by hospitals, clinics, pharmaceutical firms, medical placement firms, and manufacturers and distributors of medical equipment.

Through the transaction, CloudMD will be able to integrate its database into its Juno EMR, virtual care, billing, and telehealth platforms, along with iMD Health’s prominent educational resource databank. Additionally, the company will also leverage its CMD brand, data, and customer network, to power and accelerate doctor acquisition and adoption.  

Speaking along similar lines, CloudMD will also use its wide product range and resources to build and grow its reliable database.

In the past, the company raised nearly USD 450,000 in high margin, 100% SaaS-based revenues along with earnings before taxes, interest, depreciation, and amortization margins that exceed 65%, leading to an EBITDA of nearly $293,000 over 12 months ending September 30, 2020. CloudMD believes that there is considerable opportunity to optimize its profit margins through integration.

It is worth mentioning that, in return for the purchase of 100% of the assets and business of CMD, CloudMD will pay a consideration of $2.037 million.

Source Credit: https://www.wallstreetreporter.com/2021/01/cloudmd-otc-docrf-closes-acquisition-of-canadian-medical-directory-the-largest-medical-directory-in-canada/



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Pankaj Singh

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Pankaj Singh

Pankaj Singh Develops content for Market Size Forecasters, Algosonline, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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