What a week its been for CloudMD and SnapClarity but for the stock and investors of CloudMD, its the been the week we’ve been waiting for.
CloudMD in the last five working days alone, starting: October 9th 2020 (which was a Friday considering the TSX was closed this week Monday for Thanksgiving) and week ending Friday October 16th 2020 we’ve seen a week commencing with a low of around $1.99 a high or $2.81 to close off the week at $2.71.
What happened, well the closing of Canada’s highly respected mental health Telehealth service SnapClarity for one is a major reason and is a very big deal and if you look at the details of the acquisition, its pretty insightful on the direction that CloudMD is heading in and completely in synch with what Dr Hamza has been saying, “we have the money but the companies we’re acquiring just want shares of CloudMD”.
The details of the acquisition are as such:
- the acquisition of Snapclarity is for 100% ownership.
- The deal is for $3.35 million subject to certain holdbacks.
- The cash portion payable is $975 000.00.
- The rest is in shares of CloudMD shares $2 375 000.00 at a price of $0.70 cents a share.
Terms of Acquisition
CloudMD has acquired 100% of Snapclarity by way of a three-cornered amalgamation pursuant to the provisions of the Canada Business Corporations Act. Total consideration payable by the Company in connection with the acquisition is $3.35M, subject to certain holdbacks, payable as up to C$975,000 in cash and up to C$2,375,000 in shares of the Company, to be issued at a deemed price of $0.70 per share. All shares issued pursuant to the acquisition are subject to a two (2) year release. Additionally, subject to future TSX-V approval and the achievement of certain performance conditions in 2021 and 2022, Snapclarity may earn up to an additional $3.65M in equity-based consideration.
This acquisition once again speaks volumes as to the belief that other companies are putting into the potential growth they see in CloudmD.
SnapClarity is highly respected across Canada as a mental health doctor to patient health care provider with full care capabilities and triage in order to fully aid the individual in his/her need for a full recovery and they understand the need for the physical/psycholgical and inner self (self esteem) concert must come together to achieve a level of aid unseen in normal medical brick and mortar standards and are an industry leader in the Telehealth service.
As CloudMD continues to expand its Canadian and American growth and allow access to its number one trending app with full access to doctors and health care practitioners, Artificial intelligence, triage, full patient care as well as full check up, one stop pharmaceutical delivery, prescription renewals, cloudMD On-Demand service as you wait in a virtual waiting room in the comfort of your home or schedule an appointment for a visit at your convenience all integrated through an application (app) that’s super easy to use form your phone, tablet or PC they have put together a team of advisors that are well respected in multiple industries that’ll aid in global growth.
Of course one cannot forget the deal with Benchmark systems and parent company Ant Works which is highly scalable in the USA and worldwide, as per CISION PR NEWSWIRE, “CloudMD will purchase 87.5% of Benchmark from Benchmark’s parent company and global healthcare and AI leader, AntWorks Inc. AntWorks will retain a 12.5% equity stake and remain a strategic partner for CloudMD both in the U.S. and globally.” This will also increase the reach and growth of CloudMD which had a market cap of $189 million last week and a week later it has reached $366.69 million, day ending October 16th 2020.
According to some influential people, the saying goes that in your lifetime you’ll find one or three stocks at most that’ll make you rich, once you’ve researched them and get to know everything about it and the industry, buys a lot of shares and that’s where CloudMD in my opinion is at.
After seeing Dr. Hamza a few times in his interviews through the WallStreet Reporter it’s hard not to believe in him and his vision especially after the comment he made concerning his family and friends being invested in the company, if for him their importance is truly of that standard and he is a man of integrity, why wouldn’t I believe even more in the success of the company.
We/re talking about a man that went to medical school and succeeded, is entrepreneurial, he has connections in other parts of the world that seek him out for knowledge and aid in the Telehealth sector and his family and friends are onboard.
After combining the companies balance sheet and its pure fundamentals, the growth of an industry in its absolute infancy with a CAGR worth $10 Trillion dollars as per Motley Fool, The vision and intelligence of DR. Hamza, his ability to succeed and the believe his peers, family, friends and the corporations that he acquires that mostly only care about how many shares can they get vs how much cash they can get from a cash rich company of over 3$0 million readily available (last I heard); tells me everything I need to know.
About Snapclarity
Snapclarity Inc. is the leading digital, on-demand mental healthcare platform dedicated to creating a connected care experience that puts accessible, preventative mental health support in the hands of Individuals. Snapclarity supports those who need it most with easy identification of risk factors, early intervention, evidence-based treatment plans, and outcome-driven results. To learn more about Snapclarity visit: www.snapclarity.com and to download the individual app please visit the Apple App Store and/or the Google Play Store.
For more corporations and insurers needing more information on the suite of services please contact: info@cloudmd.ca
About CloudMD Software & Services
CloudMD is digitizing the delivery of healthcare by providing patients access to all points of their care from their phone, tablet or desktop computer. The Company offers SAAS based health technology solutions to medical clinics across Canada and has developed proprietary technology that delivers quality healthcare through the combination of connected primary care clinics, telemedicine, and artificial intelligence (AI). CloudMD currently provides service to a combined ecosystem of 376 clinics, over 3000 licensed practitioners and almost 3 million patient charts across its servers. Visit www.cloudmd.ca for more information.
About AntWorks Healthcare Inc.
AntWorks™ is a global artificial intelligence and intelligent automation company, 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 for a diverse range of industries. Visit www.ant.works to empower your enterprise by automating simple and complex business processes end-to-end.