10:45 AM EST - CloudMD Software & Services Inc. : Announced that it has entered into a Binding Term Sheet to acquire Re:Function Health Group Inc., a leading rehabilitation clinic network, with 7 clinics and 35 specialists and allied health professionals across British Columbia. This acquisition represents a significant addition to the depth and spectrum of healthcare services provided by the CloudMD platform. With Re:Function, CloudMD’s network will include 14 clinics servicing approximately 500,000 patients. The acquisition will be immediately accretive to CloudMD as the Re:Function group of clinics generated approximately $5.8 million in revenues with earnings before interest, taxes, depreciation and amortization (EBITDA) margins exceeding 19% over the last fiscal year ending January, 2020. CloudMD Software & Services Inc.
shares V.DOC are trading up 5 cents at $0.98.
