CloudMD acquires 87.5% shares in Benchmark expanding more into the US market with revenues of over 2.9 million in sales monthly, Benchmark is well positioned in the USA and is a profitable company which will increase and strengthen CloudMD’s bottom line.
Benchmark Systems, a proprietary cloud-based practice management, billing and telehealth enabled electronic health record provider powered by artificial intelligence (AI)
According to Intrado Global newswire: “Benchmark develops and delivers innovative cloud-based technology, integrated medical practice solutions including patient portals, personal health records, scheduling solutions, billing, messaging, eFax, computerized physician order entry (CPOE) and prescription scripting. Benchmark has a national U.S. network of 200 clients, 800 physicians, with 5.5 million patient charts across 35 states. On average, Benchmark processes approximately $2.5 million in charges (gross) each month”.
This is completely inline with CloudMd’s expansion for growth in North America and globally, Antworks the parent company of Benchmark will be working closely with CloudMD to further patient care globally, according to Intrado: “AntWorks is a global leader in artificial intelligence (AI) and intelligent automation, creating new possibilities with data through digitization, automation and enterprise intelligence. As the world’s first and only Integrated Automation Platform (IAP) powered by fractal science principles and pattern recognition that understands every data type, ANTstein™ digitizes every type of data type for a diverse range of industries. As a minority holder of Benchmark, AntWorks will continue to work with CloudMD providing expertise in global hyper automation and AI and provide access to cutting edge AI technologies”.
Once again Dr. Hamza’s footprint technique is at work once again, increasing the valuation of CloudMD and increasing it bottom line.
The purchase details are as such at the moment: the purchase of 87.5% of the outstanding securities of Benchmark, CloudMD has agreed to pay shareholders aggregate consideration of US$4,375,000 payable in cash.
CloudMd had over 30 million Cash as of a month ago and has a well positioned balance sheet for growth with very little liabilities, their short term assets cover long term liabilites and actually their short terms assets cover total liabilities. Short term assets of $15.84 million and short term liabilities of $3.23 million. long term assets of $18.08 million and long term liabilities of $4.73 million. As you can see their short term assets alone of $15.84 million covers their total liabilities of $7.96 million.
With the Telehaelth industry in its infancy, after researching their financials, growth strategy, micro and macroeconomics and see positive growth and financial positioning and in telling growth strategy as well as a mature and focused management team with a strong director at the helm, how can you go wrong with any company that fits the bill, in this industry that’s ripe for the picking with massive growth potential, an industry estimated at 10 trillion dollars with a small number of players at the starting gate, front and centre.