VitalHub Corp. Completes Acquisition of Transforming Systems Ltd.
September 09 2020 - 3:20PM
VitalHub Corp. (the “Company” or “VitalHub”) (TSXV: VHI) is pleased
to announce, further to its press release of August 31, 2020, that
it has completed the acquisition of all of the issued and
outstanding shares (the “Acquisition”) of Transforming Systems Ltd.
(“Transforming Systems”).
Total consideration paid by VitalHub was
£5,951,820 (the “Purchase Price”). The Purchase Price is composed
of a £1,900,000 (the “Share Component”) issuance of common shares
of VitalHub (“Common Shares”) and a cash payment (the “Cash
Component”) of £4,051,820, of which £300,000 is entered into for
customary post-closing adjustments. Common shares of VitalHub
issued pursuant to the Share Component were issued at CAD $2.11 per
common share, resulting in a total of 1,566,827 common shares
issued.
Further details of the Acquisition are available
in the Company’s August 31, 2020 press release.
With completion of the Acquisition and issuance of the Share
Component, the Company currently has 28,238,539 Common Shares
issued and outstanding.
ABOUT TRANSFORMING SYSTEMS HEALTH
INFORMATICS INC.
Transforming Systems was founded in 2009 to help the NHS solve a
fundamental challenge surrounding lack of access to real-time
information across its multitude of services. Developed over the
course of a 6-year R&D process, Transforming Systems’ product
portfolio, SHREWD, aims to solve the challenge of capturing and
transforming high quality data on fluctuating scales, from varying
sources.
The product portfolio facilitates secure, real-time data
collection, analysis and forecasting, at a price that is accessible
to all health and social care commissioners. Once captured, data
collected via the SHREWD empowers NHS teams to determine actionable
insights from a wide range of healthcare data, leading to improved
organizational efficiencies and resource utilization, ultimately
aiming to improve the delivery of patient care.
ABOUT VITALHUB
Software for Health and Human Services providers
designed to simplify the user experience & 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,
Patient Flow & Operational Visibility, and DOCit Mobile
Apps.
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 275+ clients across Canada, USA, UK,
Australia, Qatar, and Latvia. VitalHub is based in Toronto, Canada,
with an offshore development hub in Sri Lanka. The Company is
publicly traded on the TSX Venture Exchange under the symbol
“VHI”.
CAUTIONARY STATEMENT
The TSX Venture Exchange has in no way passed
upon the merits of the transactions and has neither approved nor
disapproved the contents of this press release. Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this press
release.
CONTACT INFORMATION
Dan MatlowChief Executive Officer, Director(416)
727-9061dan.matlow@vitalhub.com
Vitalhub (TSXV:VHI)
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