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News Update


Innovative Telehealth Company to Acquire Firm with Mental Health Platform
News Update

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With this transaction, CloudMD Software & Services will become Canada's first telemedicine company with both primary care and mental health care components.

CloudMD Software & Services Inc. (DOC:TSX.V; DOCRF:OTCQB; 6PH:FSE) announced in a news release it will acquire Snapclarity Inc., a company with a digital mental health platform, for a total consideration of $3.35 million.

According to the agreement, CloudMD will pay Snapclarity up to CA$975,000 in cash and up to CA$2,375,000 in company shares at $0.70 apiece. Also, Snapclarity may earn up to $3.65 million upon CloudMD achieving certain performance milestones in 2021 and 2022.

With this acquisition, CloudMD becomes the only Canadian telehealth company with both primary care and mental health care components, a combination that addresses an emergent demand in healthcare, the firm noted.

In the news release, the Vancouver-based company's CEO, Dr. Essam Hamza, described the transaction as "a transformational addition to CloudMD as we continue to strengthen our suite of virtual care solutions and make it easier for Canadians to get help from home."

He noted the acquisition is timely as Covid-19 has had and continues to have negative impacts on people's mental health, due to isolation and other factors. According to existing data, as many as 56% of Canadians cited having experienced the trend personally.

Snapclarity's platform allows for healthcare providers to combine technology and a human touch to ultimately offer continuity of care to people with mild, moderate or chronic mental health issues. The platform assesses a person's risk of mental health disorders, from which a choice of appropriate care providers can be selected and a care plan can be tailored.


1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with CloudMD Software & Services Inc. Please click here for more information.
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5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of CloudMD Software & Services Inc., a company mentioned in this article.
6) This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.

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