VANCOUVER, British Columbia, Jan. 15, 2021 (GLOBE NEWSWIRE) -- CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a telehealth company seeking to revolutionize the delivery of healthcare to patients, is pleased to announce that it has closed the previously announced acquisition of Medical Confidence Inc. (“Medical Confidence”), a revolutionary healthcare navigation platform with proven results in wait time reduction and patient satisfaction.,The integration of Medical Confidence into CloudMD’s platform of Enterprise Solutions will enable employers and insurers to realize lower absenteeism and improved return to work outcomes with personalized health and wellness care plans and improved access to healthcare resources.,The acquisition is immediately accretive to CloudMD as Medical Confidence generated approximately $2 million in revenues with earnings before interest, taxes, depreciation and amortization (EBITDA) margins exceeding 26% over the last fiscal year ending March 2020.,In consideration for the purchase of 100% of the outstanding securities of Medical Confidence, CloudMD has agreed to pay shareholders aggregate consideration of $6 million payable as follows: (i) $2.25 million in cash, subject to a working capital adjustment; (ii) $2.25 million in shares of the company; and (iii) a performance-based earnout of $1.5 million, which is payable 50% in shares of the company and 50% in cash in equal annual issuances over a period of two years.,EBITDA and EBITDA margins are Non-IFRS measures the Company uses as an indicator of financial health and excludes several items which may be useful in the consideration of the financial condition of the Company and Medical Confidence, as applicable, including interest expense, income taxes, depreciation, and amortization.