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MTBC closes acquisition of healthcare software company CareCloud

MTBC Inc. closed its acquisition of CareCloud Corp., a company developing software and services to physician practices.

CareCloud's offerings include revenue cycle management, practice management, electronic health records and patient experience management.

Somerset, N.J.-based MTBC said it acquired CareCloud on a cash-free and debt-free basis with neutral working capital.

Canaccord Genuity Group Inc. acted as financial adviser to CareCloud and its board in connection with the deal.

MTBC offers web-based services, including business intelligence and patient engagement, to healthcare providers.