PetalMD pursues its growth by enlarging its services through the acquisition of Xacte.
QUEBEC, May 29, 2018 /CNW Telbec/ - PetalMD, a Canadian digital health leader, pursues its growth by enlarging its services through the acquisition of Xacte, a Quebec-based enterprise specializing in web solutions for medical billing. Thus, PetalMD adds a Web billing software to its portfolio, this software is recognized as being one of the most efficient and highly esteemed products in the Quebec market.
Through this partnership, PetalMD will account for nearly 70 employees all working toward the common goals of: simplifying the day-to-day life of physicians, supporting greater accessibility to services, improving our health system’s efficiency, and elevating the standards for patient care.
“Our relationship with Xacte has gained momentum over the years due to the affinity between our services and our analogous target markets. Xacte’s DNA fits perfectly with the successful business model of PetalMD and we rapidly recognized the many benefits that could be conferred to our clientele via an alliance. Together, we can add more value to our products, which will inspire an even greater vision.” declared Patrice Gilbert, CEO of PetalMD.
With over 37,000 physician-users divided among more than 150 healthcare institutions and 1,400 hospital departments, this Quebec flagship is already present in France, Belgium, and Switzerland. We have ambitions to pursue our European expansion within the foreseeable future, while also conquering the rest of the Canadian market. PetalMD will now occupy two offices in Quebec City, one of which will remain dedicated to the Xacte team. In welcoming this new addition, PetalMD has no current plans to disrupt its present organizational structure and encourages the current team to continue on our mutual journey. This acquisition was made possible through the financial support of the Growth and Transition Capital arm of BDC Capital, which offers funding solutions designed to conserve the resources of high-growth companies, while at the same time limiting long-term share dilution.
“PetalMD’s success within the digital health market is remarkable,” stated Louise Langevin, Vice-President of the Growth and Transition Capital division of BDC Capital. “Our team works with a lot of software companies that have recurring revenue. This allows us to appreciate the vision coming from PetalMD’s team, as well as their leadership position. Our investment in PetalMD’s growth plan, which includes the strategic acquisition of Xacte, aims to help the company pursue its expansion in Canada and Europe.”
PetalMD Overview
- Almost 70 employees
- More than 37,000 physician-users divided among over 150 healthcare institutions and 1,400 hospital departments
- Complementary and innovative digital solutions composed of:
- Schedule planning and management for physicians
- Patient appointment booking solutions for medical clinics
- Hospital performance optimization through the consolidation of on-call information and contact management, easily accessible in real-time for the entire staff
- Online medical billing
About PetalMD
PetalMD is a Canadian leader in Web and mobile productivity tools that are dedicated to healthcare professionals. The company offers a complete portfolio of innovative and complementary digital solutions to simplify the day-to-day life of physicians, support greater accessibility to services, improve health system inefficiencies and elevate the standards for patient care.
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Amélie Croussette, TACT Intelligence-conseil, 418 529-3223 #248, acroussette@tactconseil.ca
SOURCE PetalMD
