BDC Capital’s Growth and Transition Capital and Investissement Québec have provided non-dilutive financing to Medfar, a Montreal-based electronic medical record solutions provider. No financial terms were disclosed. Medfar will use the funds raised to acquire Burnaby, British Columbia-based Plexia Electronic Medical Systems and for other priorities.
MEDFAR supported by BDC Capital and Investissement Québec to complete acquisition of Plexia Electronic Medical Systems
MONTRÉAL, December 7, 2020 – BDC Capital and Investissement Québec jointly provided non-dilutive funding to MEDFAR, a Montréal-based electronic medical record (EMR) solution provider, to acquire Plexia Electronic Medical Systems, allowing it to gain access to the British Columbia market.
MEDFAR offers a software-as-a-service (SaaS) care management solution that tracks all aspects of the patient’s journey, whether the care is delivered virtually or clinically. This unique solution seamlessly integrates video conferencing, the patient portal, online appointment confirmation and data analysis, to simplify the work of healthcare professionals and improve the quality of patient care and services.
This is the second acquisition for the company, founded in 2010 by Elias Farah and Patrick Issid, and its first outside Québec. It is part of MEDFAR’s strategy to become Canada’s EMR leader in the coming years.
In addition to the funds needed to acquire Plexia, BDC Capital and Investissement Québec also provided an additional sum to allow MEDFAR to grow both organically and through acquisitions. The flexible and patient funding structure gives MEDFAR greater leeway to pursue other short- and medium-term growth opportunities.
“The support from BDC Capital and Investissement Québec allows us to target even more ambitious growth objectives for MEDFAR,” explains Elias Farah, the company’s President and CEO. “The acquisition of Plexia consolidates our expansion into Canada, increases our critical mass of talent and creates synergies with our existing activities. This funding will also allow us to step up our EMR innovation strategy.”
“I am deeply impressed by the level of respect, understanding and commitment of the entire MEDFAR team, and four months after the acquisition, both teams have already reaped the benefits of the collaboration,” adds Wesley Wong, Plexia’s Director of Operations.
“Our high-tech expertise allows us to support growing companies like MEDFAR that have ambitious national and international expansion plans,” declares Patrick Latour, Senior Vice-President, Growth and Transition Capital at BDC Capital. “The MEDFAR founders not only developed a leading-edge platform, they also built a strong management team to prepare for this phase of growth through acquisitions,” adds Nicolas Beaudet, Director, Technology Team, Growth and Transition Capital, who spearheaded the transaction at BDC Capital.
“Innovation and digital transformation will be central to a sustainable economic recovery. As a pioneer in the development of online EMRs in Canada, MEDFAR confirms to us that the healthcare sector will be no exception,” says Guy LeBlanc, President and CEO of Investissement Québec. “Together with BDC Capital, we are proud to help the company conquer new markets and spread Québec’s know-how beyond our borders. Driving the growth of key businesses in our economy and helping them become major players in their industry are priorities for us, and we will continue to work in that direction.”
MEDFAR Clinical Solutions is the largest EMR provider in Québec and the fastest growing in Canada. MEDFAR is relentlessly committed to its mission of driving excellence and efficiency in healthcare. Its MYLE solution has evolved from a simple EMR to an end-to-end clinical management solution. With the support of a committee of medical experts, MEDFAR contributes with MYLE to improving the quality of care by streamlining clinical processes, freeing health professionals from the burden of administrative tasks. MEDFAR was the first company to certify a fully web-based EMR and offers the only comprehensive telehealth solution integrated with an EMR in Canada. With a client base of more than 6,000 clinicians and 20,000 users, MEDFAR offers its unique solution to more than 1,500 medical clinics, generating 6 million visits a year in Canada. Visit www.medfarsolutions.com.
About Investissement Québec
Investissement Québec’s mission is to play an active role in Québec’s economic development by spurring business innovation, entrepreneurship and business acquisitions, as well as growth in investment and exports. Operating in all 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 also prospects for talent and foreign investment and assists businesses with export activities.
About BDC Capital
BDC Capital is the investment arm of BDC, Canada’s bank for entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers a full spectrum of risk capital, from seed investments to transition capital, supporting Canadian entrepreneurs who wish to scale their businesses into global champions.Visit bdc.ca/capital.