Business
HEALWELL AI Announces Successful Closing of Two Strategic Acquisitions: VeroSource Solutions and BioPharma Services
HEALWELL has completed the previously announced acquisitions of both VeroSource Solutions Inc. an...
About this update from Healwell Ai Inc. Class A
[{"type":"text","content":"HEALWELL AI Announces Successful Closing of Two Strategic Acquisitions: VeroSource Solutions and BioPharma ServicesHEALWELL has completed the previously announced acquisitions of both VeroSource Solutions Inc. and BioPharma Services Inc., which boosts HEALWELL's proforma annualized revenue run-rate to be greater than $65 million and significantly improves HEALWELL's profitability. Serving five different provincial health clients across Canada, VeroSource is an end-to-end, customizable, cloud-based data interoperability platform that enables patients, care providers and administrators to seamlessly access and interact with healthcare data.BioPharma is one of the largest full-service Contract Research Organizations (\"CRO\") headquartered in Canada. BioPharma is focused on bioequivalence and early-stage clinical trials, with over 2,200 clinical trials completed to date with approximately 250 pharma clients since inception.Both businesses are expected to be financially and strategically accretive, significantly enhancing HEALWELL's financial profile and core capabilities which will now include comprehensive data science offerings for large enterprise clients such as the public sector as well as expanded clinical research offerings serving the pharmaceutical industry. HEALWELL intends to leverage its artificial intelligence (\"AI\") capabilities and expertise to expand and accelerate both BioPharma's and VeroSource's roadmaps.Toronto, Ontario--(Newsfile Corp. - July 2, 2024) - HEALWELL AI Inc. (TSX: AIDX) (OTCQX: HWAIF) (\"HEALWELL\" or the \"Company\"), a healthcare technology company focused on AI and data science for preventative care, is pleased to announce the successful completion of its acquisitions of VeroSource Solutions Inc. (\"VeroSource\"), a healthcare technology software company providing both products and consulting services, and BioPharma Services Inc. (\"BioPharma\"), a leading full service CRO specializing in early clinical trials. HEALWELL's pro-forma annualized revenue run-rate is now expected to be greater than $65 million per year. The total consideration paid for VeroSource is $19.6 million in addition to a four year earn-out of up to $4.9 million. The total consideration paid for BioPharma is $12.5 million in addition to a three year earn-out of up to $2.5 million.Dr. Alexander Dobranowski, CEO of HEALWELL, c...