WELL Health Technologies Inc., (WELL) entered into a definitive share purchase agreement to acquire 100% of INSIG Corporation for about $22.1 million. WELL had previously held a 40% share of INSIG. After the transaction closes, INSIG will become a wholly-owned subsidiary of WELL. Following closing, INSIG founders Matthew Mazzuca and David Del Balso will continue to lead INSIG.
INSIG is a Canadian virtual care platform with a unique software-as-a-service (SaaS) enabled marketplace currently supporting more than 2,800 health care professionals with approximately 200,000 virtual care appointments served in the last 90 days. The platform has been used by more than 500,000 consumers since it launched in 2015. INSIG’s wholly-owned B2C virtual clinic, Tia Health, leverages INSIG’s B2B user base to provide patients with an unmatched supply of doctors on demand through online appointments while providing the option for continuity of care through a patient-centric patient record
WELL had previously developed its telehealth program known as VirtualClinic+ on INSIG’s full-stack platform and tools. Hamed Shahbazi, chairman and chief executive officer of WELL said, “We believe the combination of INSIG’s Tia Health and WELL’s VirtualClinic+ will position WELL as one of the top providers of telehealth services in Canada.” Following closing, WELL expects to add an incremental $6.5 million in annual revenues as a result of the acquisition when eliminating intercompany expenses between the two organizations.
This was reported by WELL Health Technologies, Inc. on November 9, 2020.
Contact information: WELL Health Technologies, Inc., Suite 200 – 322 Water Street, Vancouver, British Columbia, Canada, V6B 1B6; Website: https://www.well.company/contact/contact-us/