Artificial Intelligence
CloudMD to Acquire Profitable Seven Location Rehabilitation Clinic Network with $5.8 Million in Annual Revenue
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VANCOUVER, British Columbia, Aug. 24, 2020 (GLOBE NEWSWIRE) — CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a telehealth company revolutionizing the delivery of healthcare to patients, is excited to announce that it has entered into a Binding Term Sheet (“Term Sheet”) to acquire Re:Function Health Group Inc. (“Re:Function”), a leading rehabilitation clinic network, with 7 clinics and 35 specialists and allied health professionals across British Columbia. This acquisition represents a significant addition to the depth and spectrum of healthcare services provided by the CloudMD platform. With Re:Function, CloudMD’s network will include 14 clinics servicing approximately 500,000 patients.
Patients and payors (insurers and enterprise clients) are demanding a single, integrated solution for their healthcare needs and now CloudMD will offer exactly that. Continuity of care and a patient centric model can only be achieved if the entire care team (all healthcare professionals) are empowering the patient with a comprehensive view of their healthcare record and in order to do so, the fragmentation of data needs to be addressed. CloudMD will introduce its suite of health technology solutions and integrated platform of telehealth and electronic medical records software to the Re:Function clinics in order to achieve this.
Re:Function is a state-of-the-art rehabilitation center built by like-minded health professionals offering superior patient focused care, with a longitudinal approach to healthcare delivery. The practice is made up of four key rehabilitation pillars, Re:Build (physio), Re:Think (counselling), Re:View (medlegal) and Re:Tool (occupational), and a team of specialists including: Occupational Therapists, Physiotherapists, Kinesiologists, Psychologists, Psychiatrists and Counsellors. Founders and the group’s leading Occupational Therapists, Ralph Cheesman and Mike Smith will be joining CloudMD to lead the continued expansion of allied health services across North America, and together will provide a multidisciplinary, team-based approach to treatment.
The acquisition is mutually important in the shared vision to disrupt the current healthcare delivery system and to provide continuity of care across multiple verticals to ensure exceptional patient care. CloudMD will integrate its telemedicine solutions throughout the clinics, layering on additional allied health and specialist functions to the platform. CloudMD’s registered users will now have access to primary care Doctors, specialists, and a network of mental, occupational and physical health specialists. The Re:Function team also gives CloudMD’s network of primary care physicians options to give patients referrals to extended care.
The acquisition will be immediately accretive to CloudMD as the Re:Function group of clinics generated approximately $5.8 million in revenues with earnings before interest, taxes, depreciation and amortization (EBITDA) margins exceeding 19% over the last fiscal year ending January, 2020. Essam Hamza, CEO of CloudMD commented, “I am thrilled with our acquisition of Re:Function which is synergistic across all aspects of our business. This acquisition continues to validate CloudMD’s approach of having a business built by healthcare professionals, providing longitudinal, patient centric care including primary care, chronic care, specialists and mental health support. Team based delivery of healthcare is the future and having Re:Function’s team of experts to help us continue to expand our telemedicine platform across North America is extremely valuable. We are excited to have Ralph and Mike join the team and feel that this is a transformational partnership for us. We look forward to working closely with them to provide better care for our combined rapidly growing network of patients.”
Ralph Cheesman, CEO of Re:Function commented, “Re:Function Health Group has a mandate to provide cohesive multidisciplinary healthcare services to our clients/patients and customers. We are excited to join and align with CloudMD’s vision of future healthcare delivery. Our allied healthcare services assist clients/patients with chronic or comorbid impairments to effectively improve their health. We are looking forward to work with CloudMD to provide efficient and comprehensive healthcare across North America.”
Terms of Agreement
In consideration for the purchase of 100% of the outstanding securities of Re:Function, CloudMD has agreed to pay shareholders aggregate consideration of C$8,000,000 payable as follows: (i) C$3,000,000 in cash, subject to a working capital adjustment; (ii) C$3,500,000 in shares of the Company; and (iii) a performance-based earnout of C$1,500,000 which is payable in shares of the Company in annual issuances over a period of three years. All shares issued pursuant to the acquisition are issued at a deemed price of C$0.885 per share and are priced by calculating the ten-day volume weighted average trading price of the Company’s shares for the 10 trading days prior to the execution of the binding term sheet. The shares will be subject to certain contractual restrictions on trading for a period of thirty months from the date of issuance.
The acquisition is subject to customary closing conditions, including the execution of a definitive acquisition agreement and receipt of TSX Venture Exchange approval. The company anticipates a definitive agreement on or before September 18, 2020. About Re:Function Health Group
Re:Function is a state-of-the-art rehabilitation center built by like-minded health professionals offering superior patient focused care, with a longitudinal approach to healthcare delivery. The practice is made up of four key rehabilitation pillars, Re:Build (physio), Re:Think (counselling), Re:View (medlegal) and Re:Tool (occupational), and a team of specialists including: Occupational Therapists, Physiotherapists, Kinesiologists, Psychologists, Psychiatrists and Counsellors. For more information visit www.refunction.ca
About CloudMD Software & Services
CloudMD is digitizing the delivery of healthcare by providing patients access to all points of their care from their phone, tablet or desktop computer. The Company offers SAAS based health technology solutions to medical clinics across Canada and has developed proprietary technology that delivers quality healthcare through the combination of connected primary care clinics, telemedicine, and artificial intelligence (AI). CloudMD currently provides service to a combined ecosystem of 376 clinics, over 3000 licensed practitioners and almost 3 million patient charts across its servers.
ON BEHALF OF THE BOARD OF DIRECTORS “Dr. Essam Hamza, MD” FOR ADDITIONAL INFORMATION CONTACT:
CloudMD Software & Services Inc. Forward Looking Statements
This news release contains forward-looking statements that are based on CloudMD’s expectations, estimates and projections regarding its business and the economic environment in which it operates, including with respect to its business plans and its intended use of the proceeds of the Offering. Although CloudMD believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. These forward-looking statements speak only as of the date on which they are made, and CloudMD undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Chief Executive Officer
investors.cloudmd.ca
Email: [email protected]
Artificial Intelligence
Globant Augments Software Development Life Cycle with Its New AI Agents
![globant-augments-software-development-life-cycle-with-its-new-ai-agents](https://roboticulized.com/wp-content/uploads/2024/06/150775-globant-augments-software-development-life-cycle-with-its-new-ai-agents.png)
Globant’s more than 10 years of investment in AI are now reflected in an innovative suite of AI Agents and products to empower teams and boost resultsThese new AI Agents will be augmented by humans and will impact the full SDLC, including backend prototyping, application design, testing, and more, to enhance efficiency by solving tasks autonomously SAN FRANCISCO, June 27, 2024 /PRNewswire/ — Globant (NYSE: GLOB), a digitally native company focused on reinventing businesses through innovative technology solutions, announced the integration of its proprietary AI Agents to the software development life cycle (SDLC) to enhance its core development capabilities. Supervised by humans, these AI Agents are designed to enhance Globant’s solutions and keep supporting various industries in accelerating their AI adoption.
Combined with Globant X’s already existing AI products such as Augoor, MagnifAI, Navigate, GeneXus Next, and GeneXus Enterprise AI, the new AI Agents co-create more efficient development cycles by autonomously performing tasks. Globant’s teams will leverage new AI Agents throughout the full cycle with the following initial set of Agents:
– Product Definition AI Agent: Takes multiple inputs to break down the user stories that the development team needs to build a product
– Backend Prototyping AI Agent: Enables users, regardless of their technical knowledge, to create the backend of a business application in record time
– Application Design AI Agent: Brings your vision to life from a simple text input, accelerating the design process and simplifying teamwork
– Code Tester AI Agent: Helps companies deliver high-quality software, faster, by developing comprehensive test plans and executing those tests
– Code Fixer AI Agent: Fixes issues based on contextual understanding of the existing codebase and the reported bug
“Until today, the power of AI productivity lay largely in the hands of individuals. Globant is bringing a breakthrough shift in the symbiotic relation between AI and humans by introducing a set of sophisticated AI Agents. Augmented and supervised by humans, these AI Agents will streamline operations, bring efficiencies, and grant scalability at a corporate level. The potential productivity gain of AI Agents rivals the breakthrough of Henry Ford’s assembly line, which made manufacturing more efficient and scalable,” said Martín Migoya, Co-Founder and CEO of Globant.
As an industry pioneer, Globant has incorporated artificial intelligence throughout its organization since 2013 to create best-in-class solutions that deliver real value to clients. From the initial launch of the Data and AI Studio to the creation of these AI Agents, Globant remains at the forefront of innovation. Almost 100% of Globant’s pods are AI-certified, ensuring that all teams can apply the power of AI to every one of their projects.
“We are transforming our approach to product development by utilizing advanced AI to bring out the best of both worlds: technology and humanity,” said Diego Tartara, Chief Technology Officer at Globant. “Enhancing human and AI collaboration is poised to revolutionize business operations, leading to unprecedented productivity and growth to many industries. Globant’s AI Agents combined with our suite of AI platforms provide a clear advantage to help organizations benefit from these gains.”
Globant harnesses disruptive tech to put businesses at the forefront. To learn more about Globant’s AI and digital transformation journey, solutions, and milestones, click here.
About GlobantAt Globant, we create the digitally-native products that people love. We bridge the gap between businesses and consumers through technology and creativity, leveraging our experience as an AI powerhouse. We dare to digitally transform organizations and strive to delight their customers.
We have more than 28,900 employees and are present in 33 countries across 5 continents, working for companies like Google, Electronic Arts, and Santander, among others.We were named a Worldwide Leader in AI Services (2023) and a Worldwide Leader in CX Improvement Services (2020) by IDC MarketScape report.We are the fastest-growing IT brand and the 5th strongest IT brand globally (2024), according to Brand Finance.We were featured as a business case study at Harvard, MIT, and Stanford.We are active members of The Green Software Foundation (GSF) and the Cybersecurity Tech Accord.Contact: [email protected] Sign up to get first dibs on press news and updates.For more information, visit www.globant.com
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Artificial Intelligence
Value-Added Resellers (VARs) Software Market Size to Grow at a CAGR of 11% | Valuates Reports
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BANGALORE, India, June 27, 2024 /PRNewswire/ — Value-Added Resellers (VARs) Software Market is Segmented by Type (On-premise, Cloud-based), by Application (Large Enterprises, SMEs): Global Opportunity Analysis and Industry Forecast, 2024-2030.
The Global Value-Added Resellers (VARs) Software Market was valued at 550 million USD in 2023 and witnessed a CAGR of 11% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Value-Added Resellers (VARs) Software Market
The value-added reseller (VAR) industry is expanding as a result of numerous important causes. The growing complexity of technological solutions, which necessitates specialist knowledge to customize goods to match particular client needs, is one important factor. VARs’ ability to provide specialized solutions that go above and beyond the original products makes them more appealing to companies searching for streamlined, integrated systems. The demand for VARs is also increasing due to the growth of cloud computing and digital transformation initiatives across various industries, since they offer vital services including integration, support, and consulting. Businesses must look for VARs in order to obtain a technology advantage and boost operational efficiency due to the competitive marketplace.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL VALUE-ADDED RESELLERS (VARS) SOFTWARE INDUSTRY
The market for VAR software is mostly driven by large organizations’ embrace of cloud-based solutions. Cloud solutions are becoming more and more popular among large organizations because of their affordability, scalability, and flexibility, which allow them to effectively manage enormous volumes of data and intricate IT infrastructures. Cloud technologies facilitate worldwide collaboration and remote work, which are crucial in today’s dispersed work contexts. VARs are essential to this shift because they offer knowledge and experience with cloud migration, integration, and continuous support. They support businesses in tailoring cloud solutions to particular use cases, guaranteeing a smooth transition from old to new systems, and upholding strict security and regulatory requirements. Large enterprise IT environments are complicated, requiring specialist assistance and customized solutions, which VARs are well-positioned to provide.
Another important driver propelling the growth of the VARs software market is the increasing number of small and medium-sized businesses (SMBs) implementing cutting-edge software solutions. SMBs are realizing more and more how crucial it is to use technology to enhance customer experiences, streamline processes, and stay competitive. These companies, however, frequently lack the internal knowledge necessary to setup and oversee sophisticated software systems. SMBs may more easily embrace and profit from cutting-edge software solutions when VARs offer the required knowledge and assistance. VARs fuel market growth by enabling SMBs to compete with larger organizations through the provision of scalable and inexpensive solutions. The market for VAR software is developing as a result of SMBs’ tendency toward digital transformation and their increasing reliance on specialist software solutions.
The VARs software sector has undergone a transformation thanks to the emergence of cloud computing and Software-as-a-Service (SaaS) models. Cloud-based solutions are very appealing to companies of all sizes because they provide several benefits, such as lower upfront costs, scalability, and remote access. By adding cloud solutions into their portfolios, VARs have profited from this trend and given their clients the efficiency and flexibility they require in the fast-paced business world of today. In example, SaaS models give companies access to advanced software without requiring hefty infrastructure investments. The move to cloud computing has increased the importance of VARs because they now offer cloud-based solution integration, deployment, and continuing maintenance. The market for VAR software is expanding due to the growing demand for cloud solutions.
One of the main factors propelling the VARs software industry is the need for integration and customized services. Software solutions that may be customized to a business’s unique workflows and connected with current systems are frequently needed. These services are best provided by VARs, who also offer seamless interaction with other enterprise apps and bespoke software setups. The ability to customize solutions to specific business requirements and guarantee compatibility with current systems improves VARs’ overall value proposition. For companies with complicated IT environments, where off-the-shelf software solutions might not work well, customization and integration services are especially crucial. VARs help companies maximize their software investments and boost operational effectiveness by attending to these needs. The market for VAR software is growing due to the rising need for tailored software solutions and seamless integration.
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VALUE-ADDED RESELLERS (VARS) SOFTWARE MARKET SHARE
Because of its technological leadership and mature market, North America—especially the United States—represents a large portion of the VARs software market. The supremacy of the region can be attributed to its strong IT infrastructure, high adoption rates of cutting-edge technology, and a large presence of top software providers. Specialized software and VAR services are in high demand since North American businesses are quick to adopt novel solutions in order to remain competitive. The region’s emphasis on digital transformation and large investments in cybersecurity, cloud computing, and data analytics are driving the market for VAR software. Additionally, the regulatory landscape in industries like banking and healthcare demands tailored software solutions in order to maintain compliance, which increases the demand for VAR services.
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– According to a new report published by , titled, “Computer Aided Engineering Market,” The computer aided engineering market size was valued at USD 8 billion in 2021, and is estimated to reach USD 19.2 billion by 2031, growing at a CAGR of 9.4% from 2022 to 2031.
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Artificial Intelligence
Senior Data Leaders from Travel and Hospitality Industry to Discuss Sector’s Unique Challenges at CDO Travel & Hospitality Exchange
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LONDON, June 27, 2024 /PRNewswire/ — Following its hugely successful launch in 2023, the CDO Travel & Hospitality Exchange returns for its second year on 11-12 September 2024 at Hilton Syon Park in London. Bringing together senior data leaders from across the world of travel and hospitality for two days of learning, discussion and networking, attendees will gain unique insights on harnessing data for operational excellence, building world-class data teams and enhancing customer experience through effective use of data.
The multitude of systems and suppliers integral to the functioning of the travel and hospitality industry creates a distinct set of challenges in terms of data organisation and governance, with many data leaders feeling as though they are not maximising their organisation’s data potential. Coupled with the introduction of new legislation and the pressure to keep up with continually evolving customer expectations, a data leader’s role within travel and hospitality organisations has become increasingly demanding.
The CDO Travel & Hospitality Exchange agenda has been designed to address the complexities of implementing effective data strategies, helping travel and hospitality businesses to thrive in today’s data-driven world. With 70 select data leaders from the travel and hospitality industry in attendance and a variety of unique activity formats including industry-specific roundtables, plenary presentations and one-to-one meetings with solution providers, the Exchange format provides a tailored, unique platform to explore fresh solutions to real-world challenges that data leaders in this sector face.
The world-class speaker faculty is comprised of thought leaders from some of the travel and hospitality industry’s most recognisable brands, including Hirra Sulanki, Group Head of Digital Analytics & Optimisation at TUI, Gillian Cossey, Global Data Protection Officer at Virgin Atlantic, and Nick Beresford, Head of Data & Analytics at Heathrow Airport. Attendees will come away with the expert knowledge and actionable insights needed to create data-driven change within their organisations.
Other agenda highlights include a presentation on ‘The Ongoing Battle Between Modernisation and Legacy Systems’ by Philip Cotton, Head of Customer, Trending & Trading Insight at On the Beach. The event’s closing panel discussion on ‘Navigating the Path to Data Maturity’, notably featuring Andrea Ferrari, Director of Planning & Forecasting at Silversea Cruises, also promises to be an enriching discussion that will enable attendees to visualise the optimal data architecture, team structure and strategies needed for their organisation to excel.
Attendance at the CDO Travel & Hospitality Exchange is by invitation only. To be part of the conversation, network with fellow travel and hospitality data leaders and discover valuable solutions for your organisation, request your invitation by clicking here. For more information on the agenda and speaker lineup, visit the event website here.
Join us in shaping the future of data-driven success in travel and hospitality.
Media contacts: Kazia Green, [email protected]
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