CloudMD to Acquire VisionPros Digital Eyecare Platform

By
VANCOUVER, British Columbia—CloudMD Software & Services Inc. (OTCQB: DOCRF), a telehealth software company, announced last week that it has agreed to acquire VisionPros, a vertically integrated digital eyewear platform and e-tailer, based here. The deal calls for CloudMD to purchase 100 percent of the common shares of VisionPros for $30 million in cash, subject to a working capital adjustment. The acquisition is subject to customary closing conditions, including the execution of a definitive acquisition agreement and approval by Canadian regulatory authorities.

“This is a significant acquisition for our business, which not only adds meaningful high margin revenue, but also provides us with an established e-commerce platform and almost one million customer accounts,” said Essam Hamza, MD, CEO of CloudMD. “VisionPros’ disruptive tele-optometry platform aligns with our vision of providing patient-focused, whole-person care and will allow us to leverage a number of our technologies and integrate our solutions into one seamless patient experience.”

Steven Lee, OD, CEO of VisionPros commented, “We are extremely excited to partner with CloudMD and their physician-led team. They share our commitment to providing a patient-centric approach that empowers physicians and engages patients.

"Our shared vision and combined resources are valuable for us as we look to undertake our aggressive growth strategy. There are obvious synergies across both health-tech platforms, and we look forward to leveraging those synergies to revolutionize the current system and build a North American leader in health care delivery.”

Dr. Lee was a co-founder of the online vision testing company Opternative, now called Visibly.