Vitalhub Corp, is pleased to announce that it has acquired Novari Health Inc, a leading healthcare software provider of patient flow solutions based in Canada.
Transaction Details
VitalHub has acquired Novari for total up-front consideration of $43.6 million, plus potential performance-based consideration. The purchase price paid at closing was composed of a cash payment of $35.8 million, subject to working capital adjustments, and the issuance of 733,726 common shares of VitalHub. The maximum amount payable under the all-cash performance-based earnout is $5.0 million over the two-year period following closing.
Overview of Novari
Based in Kingston, Ontario, Novari is a leading healthcare software provider with over 20 years of experience improving patients’ access to care. The platform offers a series of integrated software modules providing referral management, surgical wait list management, central intake, and care coordination. Health systems, hospitals, and regional health authorities leverage Novari’s cloud-based technologies to drive down wait times and ensure that the right patients get treated at the right time and by the right provider.
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Strategic Opportunity
The referral management market is a key area of investment for governments internationally due to increasing wait times and administrative burdens. In combination with Strata’s referral management platform, the Acquisition is expected to strengthen VitalHub’s leading position in the Canadian market.
Additionally, VitalHub will leverage its international footprint to more rapidly expand Novari’s penetration globally, particularly in the UK. A joint go-to-market and suite of solutions will enhance value for customers and establish VitalHub as a leader in the referral management market.
“We have watched the success of Novari in the Canadian landscape for over a decade, and are honoured to welcome the team to the VitalHub platform,” said Dan Matlow, CEO of VitalHub. “We have solidified our leading position in the Canadian patient flow market, which we believe will be a long-term area of growth in the country’s digitalization journey.”
“We couldn’t be more excited about becoming a VitalHub company as we look to accelerate our growth in Canada, where we will continue to provide great software and professional services to our existing and future Canadian clients, and internationally where we will benefit from VitalHub’s presence and customer relationships,” said John Sinclair, CPHIMS, President and CEO of Novari.
SOURCE: GlobeNewswire