Omnichannel digital health firm Well Health has bought fellow Canadian company Adracare to gain access to its telehealth enabled practice management platform. The purchase price was $4.75m.

Adracare’s omnichannel practice management platform serves more than 6800 allied healthcare practitioners in five countries. Its largest customer sectors include mental health, medicinal cannabis and physical therapy.

The platform was built to support providers of all sizes from SMBs to large enterprises, including some of the largest physiotherapy and medicinal cannabis companies in Canada who use and private label the Adracare platform to support their customers.

Adracare is expected to be immediately accretive to Well as it is expected to generate annualised revenue of close to $2m and be profitable on an EBITDA basis.

“We are delighted to welcome Adracare to the Well family,” said Hamed Shahbazi, CEO of Well. “Adracare’s unique telehealth enabled practice management platform has already demonstrated strong success with some of Canada’s most recognised brands. Adracare helps Well expand into net new markets such as mental health and medicinal cannabis. Additionally, we are thrilled to be growing Well’s footprint of customers beyond North America into the United Kingdom, Australia and New Zealand where Adracare is supporting customers.”

The purchase price of approximately $4.75m in cash is subject to adjustments and holdbacks. Based on its current revenue run-rate and recently signed contracts, Well expects Adracare to generate annualised revenue of close to $2m, based on existing customer relationships and new contracts signed as projected over the next six months.

Based in Toronto, Adracare provides secure clinic management, telehealth and practice management software related services to clients in five countries. Its software supports practices including mental health, physiotherapy, nutrition, medicinal cannabis, audiology and speech pathology, and occupational health.

Through its software, medical professionals are able to connect with patients anytime through an all-in-one, virtual HIPPA-compliant platform. Furthermore, the platform allows providers and patients to interact with the company’s services via apps provided through Apple iOS and the Google Play app stores.

The Adracare platform booked more than 93,000 appointments in the last quarter supporting more than 179,000 patients. The company will continue to be operated by its current CEO, Olivier Giner.

“The Adracare team is thrilled to be joining Well and contributing to Well’s mission of positively impacting health outcomes by leveraging technology,” said Giner. “Our multifaceted and highly capable platform is a perfect complement to Well’s ecosystem of growing EMR, telehealth and allied health businesses.”

EMR means electronic medical records referring to Well’s practice management business supporting doctors and other healthcare providers.

Well is an omnichannel digital health company whose objective is to empower doctors to provide advanced care while leveraging the latest trends in digital health. As such, it owns and operates 27 primary healthcare clinics, is Canada’s third largest digital EMR supplier serving over 2000 medical clinics, operates a national telehealth service, and is a provider of digital health, billing and cyber-security related technology.