MTBC classified the acquisition as its largest transaction to date. The agreement included $17 million in cash and 760,000 preferred Class A shares, bringing the total valuation of the transaction to at least $36 million, according to the Miami Herald.
With the acquisition, MTBC will integrate CareCloud’s cloud-based software into its existing IT solutions for clinical, lab and industry partners.
“CareCloud has built a strong brand with its advanced technology, award-winning design and innovative team,” Stephen Snyder, CEO of MTBC, said in the announcement. “CareCloud and MTBC are highly synergistic, and we believe that our combined businesses will accelerate growth, yield greater operating efficiencies and provide more flexibility for future expansion through our combined offering.”
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