CloudMD buys 7-location rehab clinic in Canada: 4 notes

Telehealth company CloudMD agreed to acquire a seven-clinic rehabilitation network on Aug. 24.

Four details:

1. CloudMD plans to buy Re:Function Health Group, which has seven clinics and 35 specialists and allied health professionals in British Columbia. When the acquisition is complete, CloudMD will have 14 clinics serving about 500,000 patients.

2. After the acquisition, CloudMD said it plans to introduce a suite of technology solutions, an integrated telehealth platform and EHR software to Re:Function clinics. CloudMD said its current members will have access to the Re:Function specialists.

3. The founders of Re:Function will join CloudMD's board and lead the expansion of the company's allied health services across North America.

4. Re:Function clinics generated about $5.8 million in revenue last year. CloudMD agreed to purchase 100 percent of outstanding securities and pay shareholders an aggregate consideration of about $6 million.

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