MTBC, Inc. (NASDAQ: MTBC) (NASDAQ: MTBCP), a leading provider of cloud-based healthcare IT and revenue cycle management solutions, today announced the closing of its acquisition of CareCloud Corporation, (“CareCloud”) which provides its proprietary, award-winning, enterprise cloud platform and business solutions to more than 7,000 healthcare providers nationwide.
CareCloud is a healthcare technology company specializing in software and services – which has been rated among the top industry solutions by Gartner, KLAS Research, and Black Book Research – to high growth independent physician practices. Founded in 2009 as a practice management software company, CareCloud subsequently evolved to serve the full spectrum of practice workflows, including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), and patient experience management (PXM). CareCloud’s integrated clinical and financial platform technology and its suite of solutions enables clients to increase profitability, streamline workflow, and improve patient-care outcomes nationwide.
“CareCloud has built a strong brand with its advanced technology, award-winning design, and innovative team,” said Stephen Snyder, CEO, MTBC. “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.”
“This is a transformative opportunity to accelerate the build-out of our strategic roadmap to provide world-class technology and services to more providers. CareCloud’s cutting-edge cloud-based software, which, through its existing partnerships, leverages Amazon and Google cloud platforms, brings to MTBC exciting new technology integrations,” said A. Hadi Chaudhry, President, MTBC. “The acquisition also brings a Miami-based team of talented professionals with expertise in primary care and specialty physician practice operations.”
Canaccord Genuity Group Inc. acted as financial advisor to CareCloud and its Board of Directors in connection with the transaction.
MTBC acquired CareCloud on a cash-free, debt-free basis, with neutral working capital on January 8, 2020, through the closing of an agreement and plan of merger.
This does not purport to be a full overview of the transaction, additional information regarding which can be found in MTBC’s Form 8-K, which was filed with the United States Securities Exchange and Commission on January 8, 2020.
MTBC is a healthcare information technology company that provides a fully integrated suite of proprietary cloud-based solutions, together with related business services, to healthcare providers and hospitals throughout the United States. Our integrated Software-as-a-Service (or SaaS) platform helps our customers increase revenues, streamline workflows and make better business and clinical decisions, while reducing administrative burdens and operating costs. MTBC’s common stock trades on the Nasdaq Global Market under the ticker symbol “MTBC,” and its Series A Preferred Stock trades on the Nasdaq Global Market under the ticker symbol “MTBCP.”