Vancouver’s WELL Health Technologies has acquired Toronto’s KAI Innovations for $10.75 million. The acquisition supports WELL’s blueprint of consolidating and modernizing clinical and digital assets within the healthcare sector.
“This is a major event for us and the industry and to our knowledge positions WELL as the third largest EMR services vendor in the Canada. We couldn’t be more thrilled to have Arjun, Sara and the whole KAI team join the WELL family and drive WELL’s rapidly expanding OSCAR EMR portfolio,” said Hamed Shahbazi, Chairman and CEO of WELL Health Technologies.
KAI has the third largest Electronic Medical Records user base in Ontario and is the largest provider of OSCAR EMR services to healthcare clinics in the country, including the founding OSCAR clinic at McMaster University Department of Family Medicine.
OSCAR, an acronym for “Open Source Clinical Application Resource”, is a leading open-source based EMR software.
KAI provides OSCAR EMR services to approximately 560 medical clinics, supporting over 2,100 registered practitioners, and over 10M patients1 in Ontario.
KAI generated approximately $3.5 million of revenues over the past 12 months (most of which is recurring SaaS revenues) and is expected to be immediately accretive to WELL’s earnings.
In addition, KAI has developed a strong IP portfolio, which includes a host of patient engagement applications such as online booking system, self-service check-in and other applications.
Upon completion, Arjun Kumar, KAI’s CEO, will become WELL’s Chief Information Officer, while KAI’s COO, Sara Bond, will join WELL’s management team as the Senior Vice President of Product Development.
“The opportunity to join forces with such a phenomenal team with a proven track record at WELL is a perfect fit for our Company,” said Arjun Kumar, CEO of KAI. “Together we will have a strong presence in the Canadian healthcare system”.
WELL’s overarching objective is to empower doctors to provide the best and most advanced care possible leveraging the latest trends in digital health.
In the last 12 months, WELL physicians served approximately 600,000 patient visits through its network of 19 medical clinics. WELL is publicly traded on the TSX Venture Exchange under the symbol WELL.V. WELL was recognized as a TSX Venture 50 Company in 2018 and 2019.