CloudMD Software and Services (DOC.V) acquired vertically-integrated digital eyewear platform, VisionPros, today, according to a press release.
The platform delivers contact lenses and glasses anywhere in North America at lower costs than traditional retail optical stores. The business model also includes a growing, high margin e-commerce platform, subscription business and suite of digital vision care tools.
“This is a significant acquisition for our business, which not only adds meaningful high margin revenue, but also provides us with an established e-commerce platform and almost 1 million customer accounts. VisionPros’ disruptive tele-optometry platform aligns with our vision of providing patient-focused, whole-person care and will allow us to leverage a number of our technologies and integrate our solutions into one seamless patient experience,” said Dr. Essam Hamza, CEO of CloudMD.
We’ve covered CloudMD and their developing telemedicine holdings indepth in most of our previous articles.
VisionPros, however, is a Canadian-based online eyecare platform that provides lenses and eyeglasses to users across North America through a number of different websites including visionpros.com and contactlensescanada.com. They’re led by doctors, and have completed development and are settling in to launch an online vision test that will contribute to the accuracy of scripts unseen with the present set of online vision tests.
Both VisionPros’ and CloudMD’s platforms share certain crossover benefits, which offer opportunities for cross-selling and integration. The e-commerce platform will give CloudMD access to almost 1 million customer accounts and further spread their footprint across North America, and given VisionPro brought in $22 million in revenue with an adjusted earnings before interest, tax depreciation and amortization (EBITDA) margin exceeding 10%.
DOC is down $0.31 today, closing at $2.83.