CPE News Brief (4.20.2023) – MEDFAR Clinical Solutions has announced the closing Series C minority investment of $30 million by Investissement Québec, through its own funds.
This round fuels MEDFAR’s M&A initiatives to propel its mission of transforming healthcare on a global scale.
Investissement Québec joined principal shareholder, Walter Capital Partners, and other investors CIBC Innovation Banking and BDC Capital.
Founded and led by CEO Elias Farah and COO Patrick Issid, MEDFAR Clinical Solutions, leading provider of the SaaS-based Integrated Care Platform MYLE
photo credit: MEDFAR
News Release
MEDFAR secures $30M Series C led by Investissement Québec to accelerate its North American expansion and support its M&A strategy
MEDFAR Clinical Solutions announces CAD$30 million Series C investment by Investissement Québec.
Investissement Québec funding joins the continued support of Walter Capital Partners, CIBC Innovation Banking and BDC Capital in MEDFAR’s mission to transform healthcare globally.
With over 100% YOY growth in annual recurring revenue, MEDFAR serves 15,000 healthcare professionals, 1,800 clinics, 130 medical laboratories and over 20 million patient visits per year in North America.
MEDFAR is making strides in its 2030 5-5 goals to transform healthcare around the world: i) be in 5 continents, ii) employ 5 thousand people iii) enable 500,000 physicians iv) deliver high-quality care to 500 million patients and v) reach a $5 billion valuation by 2030.
MONTREAL, April 18, 2023 /CNW/ – MEDFAR Clinical Solutions, leading provider of the SaaS-based Integrated Care Platform MYLE, announces a Series C minority investment of CAD$30 million by Investissement Québec, through its own funds. This round fuels MEDFAR’s M&A initiatives to propel its mission of transforming healthcare on a global scale.
“We are thrilled to welcome Investissement Québec in the MEDFAR family,” said Elias Farah, CEO of MEDFAR Clinical Solutions. “Investissement Québec quickly grasped the importance of our vision. We are both passionate about enabling better care, the type of care we want for our loved ones and every patient.”
“Investissement Québec is highly committed to supporting the development of promising companies like MEDFAR. Their innovative technological solutions have a significant impact on the healthcare sector by increasing efficiency and productivity in the medical field, as well as improving services to patients. We are proud to renew our support to MEDFAR and to be involved in this new phase to propel its growth as well as its acquisition and development strategy in new international markets,” says Guy LeBlanc, President and CEO of Investissement Québec.
This investment follows a flurry of recent strategic transactions and initiatives by MEDFAR Clinical Solutions made possible in part by two key investments totaling over $30 million led by Walter Capital Partners. Amid the ongoing challenges posed by the COVID pandemic, the company expanded its operations to the United States and has successfully acquired and integrated four sizable Canadian and U.S. businesses. To achieve its goal of bringing a higher quality of care to millions of patients across North America, MEDFAR is equally appreciative of the steadfast support and confidence of CIBC Innovation Banking and BDC Capital.
Since pioneering the first web-based electronic medical record (EMR) software in Québec with its MYLE Integrated Care Platform, MEDFAR has continuously evolved its solutions to reshape care delivery. Bringing physicians, care teams and patients on one single platform provides an interconnected way to manage care for better patient outcomes. MEDFAR now counts on more than 300 employees throughout Canada, the United States, India and Armenia, all dedicated to its mission to drive excellence and efficiency in healthcare around the world. MEDFAR serves over 15,000 healthcare professionals to deliver care for 20 million patient visits annually in North America.
ABOUT MEDFAR
Founded in 2010, MEDFAR Clinical Solutions provides an intuitive and interconnected way of managing care through its fast, reliable, and secure SaaS-based MYLE Integrated Care platform. Its solutions streamline clinical processes and empower 15,000 healthcare professionals daily to provide better care for more than 20 million patients visits across North America. Named “Company of the year 2020” by Anges Québec and the “Jury’s favourite” of Deloitte’s Fast50 program, MEDFAR pledges to transform quality of care on a global scale. The company plans to enable 500 thousand care providers to deliver high-quality care to 500 million patients across 5 continents by 2030.
ABOUT INVESTISSEMENT QUÉBEC
Investissement Québec’s mission is to play an active role in Québec’s economic development by stimulating business innovation, entrepreneurship and business acquisitions, as well as growth in investment and exports. Operating in all of the province’s administrative regions, the Corporation supports the creation and growth of businesses of all sizes with investments and customized financial solutions. It also assists businesses by providing consulting services and other support measures, including technological assistance available from Investissement Québec—CRIQ. In addition, through Investissement Québec International, the Corporation prospects for talent and foreign investment, and assists Québec businesses with export activities.
SOURCE MEDFAR Clinical Solutions
For further information: Wissal El Alaoui, TESLA RP, welalaoui@teslarp.com, T : 514 968-0608; Dominik Boudreault Lapierre, Conseiller, Médias et affaires gouvernementales, Investissement Québec, dominik.boudreaultlapierre@invest-quebec.com, T : 438 260-3348