WELL Health raises $ 70 million of target $ 500 million from offering purchased deals

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Vancouver-based WELL Health Technologies raised $ 70 million from a convertible bond purchase offer.

In a September 22 regulatory filing, the company revealed that it plans to raise up to $ 500 million in equity through the sale of common stock, warrants, subscription receipts, shares, debt securities, or share purchase agreements in one or more more transactions in the next 25 months.

Eight Capital and Scotiabank acted as joint bookrunners on the recent offering, along with a group of underwriters that also included Stifel GMP as co-lead underwriter, and Canaccord Genuity Corp., CIBC World Markets Inc., Desjardins Securities Inc., Laurentian Bank Securities Inc., TD Securities Inc., Beacon Securities Limited, Echelon Wealth Partners Inc., Haywood Securities Inc., Paradigm Capital Inc. and PI Financial Corp.

Founded in 2012 by President and CEO Hamed Shahbazi, WELL Health is an acquisitive health technology company listed on the Toronto Stock Exchange under the WELL symbol.

The company offers a healthcare practitioner enablement platform that includes tools for digital patient engagement, electronic health records (EMR), revenue cycle management, and data protection services. WELL Health also claims to own and operate Canada’s largest network of outpatient medical clinics.

RELATED: WELL Health Filing Indicates Company Could Raise Up To $ 500 Million To Support Acquisition Strategy

It intends to use the net proceeds of any associated offering to fund its growth initiatives, including future acquisitions of companies, technologies, intellectual property or other assets, and to fund general business and working capital requirements, repay debt or support other business purposes.

As part of its acquisition strategy, WELL Health announced plans to acquire a majority stake in US digital pharmacy startup Wisp and acquire North York-based Aware MD, which provides a platform for EMR management.

WELL Health has also acquired a number of other healthcare and digital technology companies, including MyHealth, Intrahealth, ExecHealth, and Ontario-based CRH Medical of Vancouver.

The healthtech company’s growth strategy also includes making strategic minority investments in digital health and wellness startups, which it does through its risk arm, WELL Ventures.

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