VitalHub Corp. Completes Acquisition of Transforming Systems Ltd.
TORONTO, Sept. 09, 2020 (GLOBE NEWSWIRE) -- 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.