WELL Health reveals plans to acquire Cycura’s services division
By Nikita Chaurasia  Date: 2020-07-10

WELL Health reveals plans to acquire Cycura’s services division

 

  • The acquisition would elevate WELL Health's cybersecurity program across the technology and healthcare sectors 
  • WELL Health would build a strong portfolio of companies and products/services as part of its capital allocation initiative

WELL Health Technologies Corp., a Canada-based venture 50 firm, has recently announced that it is planning to sign a definitive asset purchase deal with Cycura Inc., a private corporation that offers customized defensive cyber security solutions.

According to the terms of the agreement, WELL Health will be acquiring entire assets of Cycura's Services Division, which evidently offers several cybersecurity offerings like security-focused code reviews, penetration and vulnerability testing, cybersecurity training, incident response services, technical due diligence services, and cybersecurity M&A advisory. 

Reportedly, the total consideration payable by WELL Health in coherence with this transaction leads up to almost $2.55 million. However, the final valuation is still subject to certain adjustments, time-based payments, and holdbacks.

Apparently, Cycura offers its cybersecurity services to numerous high-profile firms operating across multiple industry verticals in Canada such as telemedicine, a collection of healthcare-related clients concentrating on mental health along with health insurance and benefits business.

Speaking on the move, Hamed Shahbazi, Chairman and CEO, WELL Health, said that the company’s overarching objective has always been to allocate capital to opportunities and themes that benefit from healthcare digitization. As a result, WELL Health considers cybersecurity as an impelling opportunity for the firm's capital allocation initiative owing to the burgeoning growth in the industry and the quality of revenues.

Moreover, WELL Health is dedicated to offering patient data privacy and cyber security protection across every major business including Electronic Medical Record (EMR), primary care, digital health solutions, and telehealth. The company has been working with Cycura’s team of experts for over a year now and are delighted to integrate their proficiency in data protection, privacy, and cyber security within WELL Health, added Shahbazi. 

Source Credit: https://www.newswire.ca/news-releases/well-health-to-acquire-cycura-s-services-division-to-protect-personal-health-information-879186332.html

About Author

Nikita Chaurasia    

Nikita Chaurasia

An accomplished professional in the field of content development, playing with words comes naturally to Nikita Chaurasia. After completing her post-graduate MBA degree in Advertising and PR, Nikita worked across numerous content-driven verticals, undertaking diverse r...

Read More

More News By Nikita Chaurasia

Nokia, Greener Acres partner to boost smart city development in Canada
Nokia, Greener Acres partner to boost smart city development in Canada
By Nikita Chaurasia

According to reliable sources, Finnish multinational telecommunication, consumer electronics and information technology company Nokia Corp. has reportedly signed an agreement with Greener Acres Canada Inc. to collectively develop and upgrade the util...

OneOncology launches OneR to accelerate clinical research programs
OneOncology launches OneR to accelerate clinical research programs
By Nikita Chaurasia

In recent developments, Tennessee-based oncology medical service provider OneOncology Inc., has reportedly announced the establishment of a newly formed subsidiary named OneR (OneOncology Research Network). Sources close to the matter claimed that O...

Helix Technologies, MOR Analytics to unite under new banner Forian Inc.
Helix Technologies, MOR Analytics to unite under new banner Forian Inc.
By Nikita Chaurasia

According to reliable sources, U.S.-based critical infrastructure service provider of cannabis industry, Helix Technologies Inc. has reportedly announced a strategic merger with Medical Outcomes Research Analytics LLC (MOR Analytics) to become wholly...

German software firm Celonis launches the market’s first EMS
German software firm Celonis launches the market’s first EMS
By Nikita Chaurasia

Celonis, a German leader in AI-enhanced Process Excellence and Process Mining, has reportedly launched the first EMS (Execution Management System) of the industry. The company has specifically developed the EMS to remove system complexity, which is t...

Informatica adds advanced capabilities to enterprise cloud platform
Informatica adds advanced capabilities to enterprise cloud platform
By Nikita Chaurasia

Informatica, a leading US based enterprise cloud data management firm, has reportedly rolled out new, enhanced capabilities that are designed to help its clients become cloud-native, cloud-first in the COVID-19 pandemic. IDC (International Data Corpo...