CloudMD Divests Non-Core U.S. Electronic Medical Records and Practice Management Business

CloudMD Software & Services Inc. (CloudMD), an innovative health services company transforming the delivery of care, today announced that it has closed the sale of its U.S.-based Electronic Medical Records (EMR), Practice Management (PM), and Revenue Cycle Management (RCM) assets for approximately US$6.3 million. The sale was pursuant to a definitive agreement with a subsidiary of N. Harris Computer Corporation (Harris) and follows the sale of CloudMD’s Canadian EMR business in October 2022. Karen Adams, CEO at CloudMD, commented, “We continue to successfully execute our strategy of focusing on our higher growth and margin businesses while surfacing value from non-core assets in our portfolio. The leadership team’s focus is on growing our core Health and Wellness Services business and executing on our expanded pipeline in our Health and Productivity Solutions business, particularly our remote patient monitoring platform. This will further enable us to deliver on our path to profitability with deployment of capital and resources to high growth opportunities.” Transaction Details The consideration to be paid by Harris in connection with the sale is US$6.3 million. Approximately US$5.5 million of the consideration was paid on closing (subject to adjustments for working capital) with the balance held as a customary holdback. INFOR Financial Inc. acted as the exclusive financial advisor and Cassels Brock & Blackwell LLP acted as the legal advisor to CloudMD. About ...
Source: EMR and HIPAA - Category: Information Technology Authors: Tags: Health IT Company Healthcare IT Cassels Brock & Blackwell LLP CloudMD CloudMD Software & Services Inc. EMR Harris Health IT Acquisitions Healthcare M&A INFOR Financial Inc. Karen Adams N. Harris Computer Corporation Source Type: blogs