Connect with us

Headlines

It’s Official: VisionPros Digital Platform Acquired

It offers home delivery of contact lenses and glasses.

mm

Published

on

VANCOUVER, BC — CloudMD Software & Services Inc. has closed on the acquisition of VisionPros, a digital eyewear platform that has serviced almost 1 million unique customers across North America.

CloudMD had announced plans for the acquisition in February.

Read more from the recent press release:

VisionPros conveniently delivers contact lenses and glasses right to their customer’s door, anywhere in North America, and at a fraction of the cost of traditional retail optical stores. The highly scalable business model includes a rapidly growing, e-commerce platform and innovative suite of digital vision care tools. VisionPros also offers a unique subscription offering, with flexible monthly billing options, at some of the lowest prices in North America. The multi-disciplinary platform also includes a brick-and-mortar clinic, online/in-person dispensary and a lens laboratory that manufactures and distributes lenses to eyecare partners for their own affordable KIND eyewear line.

VisionPros’ digital platform shares many synergies with CloudMD’s existing platform and provides significant opportunities for cross-selling and integration. The e-commerce platform gives CloudMD direct access to almost 1 million unique customer accounts and further secures the Company’s footprint across North America. VisionPros’ revenue for the year ended December 31, 2020, surpassed $22 million with adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”) margin exceeding 10%.

Terms of Acquisition

In consideration for the purchase of 100% of the outstanding securities of VisionPros, CloudMD has paid shareholders of VisionPros: (i) $30 million in cash, subject to an estimated negative net working capital adjustment of $995,353; and (ii) $30 million in common shares of the Company at a deemed price of $2.75 per common share. In addition to the closing considerations, the Company may pay a performance-based earnout of up to an additional $40 million in common shares of the Company or cash, at the election of the Company, and is based on VisionPros meeting certain performance milestones with respect to VisionPros’ revenue and technological developments following closing. Specifically, the Company will pay an additional $10 million to the vendors if VisionPros meets or exceeds the revenue target for the six months ending December 31, 2021, and an additional $10 million if VisionPros meets or exceeds the revenue target for the year ending December 31, 2022. In addition, the Company may pay the vendors up to an additional $20 million upon the development of certain new technologies prior to December 31, 2022. The common shares will be subject to certain contractual restrictions on trading for a period of 24 months from the date of issuance. Additionally, the Company will pay a finders’ fee to an arm’s-length party in accordance with TSX Venture Exchange policies by issuing 986,842 common shares of the Company at a deemed price of $3.04.

About CloudMD Software & Services

CloudMD is digitizing the delivery of healthcare by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, educational resources and artificial intelligence (AI). CloudMD’s Enterprise Health Solutions Division includes one of the top 4 Employee Assistance Programs in Canada and offers one comprehensive, digitally connected platform for corporations, insurers and advisors to better manage the health and wellness of their employees and customers.

CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals, over 500 clinics, and over 5 million individuals across North America. For more information, visit: https://investors.cloudmd.ca.

Advertisement

Since launching in 2014, INVISION has won 23 international journalism awards for its publication and website. Contact INVISION's editors at [email protected].

SPONSORED VIDEO

Sponsored by Shamir

Customer Focused, Service Oriented, Forward Thinking

for life improvement, fashion, performance sports, occupational single vision, and progressive lenses. Our values, the driving force behind our ideas and actions, keep the ECP in the center. Every Shamir representative is personally committed to our customers’ vision, and to providing the best service and support to meet and exceed their expectations, all with a personal touch.

Promoted Headlines

Advertisement

Advertisement

Subscribe


BULLETINS

Get the most important news and business ideas for eyecare professionals every weekday from INVISION.

Advertisement

Most Popular