CloudMD Software & Services (DOC.V) picked up Canada’s largest director of medical professionals, Canadian Medical Directory (CMD), today.
The directory includes 91,000 practising physicians and 10,000 residents and nurses from across the country. It’s a multi-layered database and no other direct competitor has a software as a service (SaaS) platform that collects the data in a comprehensive and current way.
“CMD has been trusted as the gold standard for up-to-date information on all medical professionals across Canada in a standard national format. CMD is Canada’s leading source for profile and contact information on practicing physicians, specialists and nurse practitioners, across the country. It’s a key reference tool used by clinics, hospitals, medical placement firms, pharmaceutical companies, and manufacturers and distributors of medical equipment and supplies,” according to the press release.
CloudMD is a tech company largely involved in telehealth. They offer SaaS based tech solutions across North America with the stated purpose of connecting patients to healthcare professionals, be they nurses or doctors, without the necessity of leaving the house. This is a net positive during a global pandemic. In addition to physical health services, they also offer mental health options and educational resources (better than WebMD). At present they serve a combined ecosystem of over 500 clinics, with almost 4,000 licensed practitioners, and eight million patients across North America.
DOC will add the Canadian medical directory to its series of existing platforms, and their iMD Health’s educational database, while continuing to use the CMD brand, customer network and data to push forward their doctor acquisition and adoption. In terms of the financial aspects of the acquisition, CMD brought in $450,000 in high margin, 100% software as a service based revenues with earnings before interest, taxes, depreciation and amortization margins over 65%, with a 12 month dollar amount of $293,000, and the company believes there’s more money to be made out there through further integration and optimization.
They’re probably right.
DOC is down $0.08 on the day and is now trading at $2.48.