WELL Health Technologies is acquiring cybersecurity provider Cycura’s Services division for $2.55 million
Toronto’s Cycura provides its cybersecurity services to a number of high-profile companies in various industries across Canada, including a collection of healthcare related clients focusing on mental health, telemedicine, health insurance and benefits, and other disciplines.
“Our over-arching objective at WELL is to allocate capital to themes and opportunities that benefit from the digitization of healthcare; as such, we see cybersecurity as a compelling opportunity for WELL’s capital allocation program due to the quality of revenues and the burgeoning growth in the industry,” said Hamed Shahbazi, Chairman and CEO of WELL.
“WELL is committed to providing cyber security protection and patient data privacy across all of its businesses including primary care, Electronic Medical Record (EMR), telehealth and digital health solutions. We’ve already been working with the talented team of experts at Cycura for more than a year and are very pleased to now bring their proficiency in cyber security, data protection and privacy within WELL.”
In the past 12 months, Cycura’s Services Division generated revenues exceeding $1.7 million.