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M&A
HEALWELL AI acquires VeroSource Solutions to expand health solutions
Preventive Healthcare
Jun 11, 2024
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Preventive Healthcare

Preventive Healthcare

Jun 11, 2024

HEALWELL AI acquires VeroSource Solutions to expand health solutions

M&A

  • Toronto-based AI-powered healthcare company HEALWELL AI has acquired VeroSource Solutions, a company specializing in data solutions and digital healthcare platforms, for approximately USD 24.5 million.

  • Under the transaction terms, HEALWELL is acquiring about 51% of VeroSource's shares for around USD 12.5 million in an initial transaction expected to close on July 1, 2024. The second transaction, set to close on January 1, 2025, involves HEALWELL purchasing the remaining VeroSource shares for approximately USD 12 million. These transactions are subject to regulatory approvals.

  • HEALWELL aims to leverage VeroSource's data integration and visualization tools, combine them with its AI-powered disease detection capabilities, and expand its digital health solutions across Canada.

  • VeroSource provides healthcare solutions through a cloud-based platform integrating data from electronic medical records, pharmacies, and hospital systems. The company serves provincial health clients and offers products and consulting services to enhance data management, interoperability, and analysis. As of June 2024, the company’s platform had over 1 million users.

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