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Premier Health Group enters definitive agreement to buy Cloud Practice

Premier Health Group Inc. entered a definitive agreement to acquire medical software company Cloud Practice Inc. for up to C$5 million.

Cloud Practice offers Juno EMR, a cloud-based electronic medical records solution; ClinicAid for medical billing software; and MyHealthAccess, an online patient portal.

Vancouver, British Columbia-based Premier Health signed a letter of intent for the acquisition in December 2018.

Under the agreement, Cloud Practice shareholders will receive C$500,000 in cash upon signing the binding letter of intent, C$500,000 in cash on closing, as well as C$500,000 in cash 90 days after closing. Premier Health will also pay C$500,000 in cash within 6 months of the letter of intent subject to certain milestones related to the integration of Juno EMR and a total of C$3 million in Premier common shares.

Cloud Practice's CEO Jordan Visco, along with the company's support team, are expected to join Premier Health once the deal closes.