Waterloo-based Oculys Health Informatics Inc. has been acquired by Toronto-headquartered VitalHub Corp. for more than $4.2 million, the companies announced Wednesday.
Oculys makes an operational management system for hospitals, including emergency room wait-time clocks, helping generate efficiencies and reduce patient-care bottlenecks. VitalHub, which trades on the Toronto Stock Exchange (TSXV: VHI), develops and supports healthcare information systems.
“This is very good for Oculys and the [Waterloo] team,” CEO Franck Hivert told Communitech in an email.
“By being part of VitalHub’s robust and growing suite of health IT solutions, Oculys will have the opportunity to meaningfully extend its product reach across Canada, and with significant support internationally.”
Hivert said the company will become a business unit of VitalHub and remain in Waterloo; efforts to hire staff and expand the company will continue. Hivert will continue to lead Oculys as COO.
“I’m very happy to have sold to a Canadian company versus [one in the] U.S.,” Hivert said.
Oculys has 18 hospital customers across Ontario and Manitoba. Year-end revenue was more than $2 million.
“Through this acquisition, not only have we increased our recurring revenue base, we have created a synergistic opportunity for [the] customers [of both companies],” said VitalHub CEO Dan Matlow. “We look forward to levering Oculys’ operational flow solutions as we continue to advance our growth strategy.”