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February 20, 2024


Investment information for the new generation


WELL Health Technologies (WELL.T) adds health management platform Adracare to their holdings

WELL Health Technologies (WELL.T) closed its acquisition of healthcare management platform service provider, Adracare, today, according to a press release.

The platform was built to provide support for providers of all sizes, and includes some of the largest physiotherapy and medical cannabis companies in Canada, which use the Adracare platform to support their customers.

“We are delighted to welcome Adracare to the WELL family.  Adracare’s unique telehealth enabled practice management platform has already demonstrated strong success with some of Canada’s most recognized brands.  Adracare helps WELL expand into net new markets such as mental health and medicinal cannabis.  Additionally, we are thrilled to be growing WELL’s footprint of customers beyond North America into the United Kingdom, Australia and New Zealand where Adracare is supporting customers,” said Hamed Shahbazi, chairman and CEO of Well.

Based in Toronto, Adracare is a multiple-channel practice management platform that serves over 6,800 healthcare practitioners across five countries. They’re in the business business of providing secure clinic management, telehealth and practice management software related services. Their software supports clients in service to sectors like mental health, physiotherapy, nutrition, medicinal cannabis, audiology and speech pathology, and occupational health. The company paid CAD$4,750,000 in cash to complete the acquisition, and based on its present revenue and recently signed contracts, WELL anticipates Adracare to be immediately accretive, and add another $2 million per year in revenue.

“The Adracare team is thrilled to be joining WELL and contributing to WELL’s mission of positively impacting health outcomes by leveraging technology. Our multifaceted and highly capable platform is a perfect complement to WELL’s ecosystem of growing EMR(3), telehealth, and allied health businesses,” said Oliver Giner, who will be staying on as CEO of Adracare.

WELL will be able to help medical professionals connect with patients anytime through Adracare’s virtual HIPAA-compliant platform. The platform also gives providers and patients the ability to interact through apps provided through Apple iOS and the Google Play App Stores, and was used to book more than 93,000 appointments in the last quarter supporting more than 179,000 patients last quarter.

—Joseph Morton

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