VITALHUB CORP. (TSX: VHI) (OTCQX:VHIBF) (the “Company” or
“VitalHub”) is pleased to announce today that it has acquired (the
“Acquisition”) Coyote Software Corporation (“Coyote”), a company
incorporated and existing under the laws of the Province of
Ontario.
Coyote specializes in tailored software solutions that
streamline the workflows of health and social service
organizations. The solutions offered include “CaseWORKS”, an
enterprise-class case management software, as well as “FormWORKS”,
“ScanWORKS”, and “ShareWORKS”, which are solutions geared to forms
automation, records scanning, and document sharing, respectively.
Coyote proudly provides these services to over 80 health and social
service organizations empowering thousands of daily users
throughout Canada and the U.S.
VitalHub acquired Coyote from its shareholders for a purchase
price of $2,373,528. The purchase price was satisfied by a cash
payment of $2,265,5281, a portion of which will be held in escrow
for a six (6) month period following closing of the Acquisition,
and the delivery of 38,163 common shares of VitalHub, at a deemed
price of $2.83 per share, to the principal shareholder of Coyote.
These shares are subject to a four month hold from their date of
issuance.
For the 12-month period ending November 30, 2022, Coyote had
estimated revenue of approximately $1,600,000 of which more than
$1,100,000 was identified to be recurring in nature from its
current 80+ customer base (these amounts are unaudited).
“With this Acquisition, we are excited to expand upon our robust
suite of offerings specifically servicing the Canadian marketplace,
together with our BCare, TREAT, Clarity, and Roxy solutions. We
look forward to welcoming Coyote’s team members and CaseWORKS
solution to the Company,” said Dan Matlow, CEO of VitalHub Corp.
“We currently have over 250 customers using our health and social
service solutions across Canada, providing further ratification of
our leadership in this sector and the strong market demand for our
products. This acquisition serves to further advance our strategic
M&A objectives, bringing new product synergies that can be
cross sold into our existing install base, alongside an existing
strong base of recurring revenue customers.”
Kirk Were, Managing Partner of Coyote, states “Our goal and
passion has been to provide superior solutions that transform the
work for frontline workers, administrators, and managers in health
and social service agencies. We are proud of the software we have
created, appreciate the clients and employees that we have worked
with, and are excited about the next chapter for Coyote under the
VitalHub banner.”
ABOUT COYOTE
Founded in 1992 and based in Burlington, ON, Coyote Software
Corporation specializes in providing software solutions to health
and social service organizations. Coyote offers a full range of
software development, business consulting and systems integration
services tailored to the unique needs of organizations supporting
our communities through the delivery of health and social services.
Coyote serves 80+ health and social based organizations throughout
Canada and the U.S. with its 9 team members based in the Greater
Toronto Area.
ABOUT VITALHUB
Software for Health and Human Services providers designed to
simplify the user experience and optimize outcomes.
VitalHub provides technology to Health and Human Services
providers including Hospitals, Regional Health Authorities, Mental
Health, Long Term Care, Home Health, Community and Social Services.
VitalHub solutions span the categories of Electronic Health Record
(EHR), Case Management, Care Coordination & Optimization, and
Patient Flow & Operational Visibility solutions.
The Company has a robust two-pronged growth strategy, targeting
organic growth opportunities within its product suite, and pursuing
an aggressive M&A plan. Currently VitalHub serves more than 400
clients across Canada, USA, UK, Australia, the Middle East, and
Europe.
VitalHub is based in Toronto, Canada, with an offshore
development hub in Sri Lanka. The VitalHub team comprises more than
300 team members globally. The Company is publicly traded on the
Toronto Stock Exchange (TSX) under the symbol "VHI" and on the OTC
Markets OTCQX Exchange under the symbol “VHIBF”.
CONTACT INFORMATION
VitalHub Corp.Dan MatlowChief Executive Officer, Director(416)
727-9061dan.matlow@vitalhub.com
CAUTIONARY STATEMENT
This press release includes forward-looking statements regarding
the Corporation and its business, which may include, but is not
limited to, statements with respect to the appointment of a new
directors. Often, but not always, forward-looking statements can be
identified by the use of words such as "plans", "is expected",
"expects", "scheduled", "intends", "contemplates", "anticipates",
"believes", "proposes" or variations (including negative
variations) of such words and phrases, or state that certain
actions, events or results "may", "could", "would", "might" or
"will" be taken, occur or be achieved. Such statements are based on
the current expectations of the management of each entity and are
based on assumptions and subject to risks and uncertainties.
Although the management of each entity believes that the
assumptions underlying these statements are reasonable, they may
prove to be incorrect. The forward-looking events and circumstances
discussed in this release, may not occur by certain specified dates
or at all and could differ materially as a result of known and
unknown risk factors and uncertainties affecting the companies,
including risks regarding the technology industry, failure to
obtain regulatory or shareholder approvals, market conditions,
economic factors, the equity markets generally and risks associated
with growth and competition. Although the Corporation has attempted
to identify important factors that could cause actual actions,
events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results to differ from those anticipated,
estimated or intended. No forward-looking statement can be
guaranteed. Except as required by applicable securities laws,
forward-looking statements speak only as of the date on which they
are made and the Corporation undertakes no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events, or otherwise.
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