What You Should Know:
HealthStream, a provider of workforce and provider solutions for the healthcare industry, today announced the completion of its acquisition of the remaining equity interest of CloudCME, a Nashville-based healthcare technology company with a nationwide customer base.
– The acquisition expands HealthStream’s presence as a market leader in healthcare continuing education and continuing medical education management with the acquisition of another powerful application specifically designed for healthcare organizations and their workforce.
Financial Terms of Acquisition
HealthStream originally invested in CloudCME in March 2019 when it purchased approximately 20 percent of the equity interest in the company. With its acquisition today of the remaining equity interest in CloudCME, HealthStream gains a best-in-class SaaS-based application for managing all aspects of continuing education within a healthcare organization. The purchase price paid for the outstanding equity of CloudCME that HealthStream did not previously own was approximately $4.08M in cash, subject to post-closing working capital adjustment, and $4.08M in shares of HealthStream’s common stock issued through a private placement.
CloudCME Background
CloudCME® is a platform for managing all aspects of a continuing education (CE) department. The system supports CME, CNE, CPE, Joint Accreditation™ and many other credit types including those designated via providership statuses or obtained via approving bodies. Launched in 2009, CloudCME® consolidates application, documentation, faculty, registration, finance, RSS, and online content management into a branded portal for use at institutions. Presentation management includes the ability to upload video, PowerPoint and other digital assets as part of online learning as well as syllabus for conference registrants. With this acquisition, HealthStream adds an essential application to its ecosystem for all of the critical workforce needs of healthcare organizations associated with CME/CE management.
Healthcare organizations using CloudCME are provided with a branded web portal for all their CME/CE operations, as well as a branded mobile app for all of their users including:
– faculty portal provides quick access to all facets of faculty management, along with a robust content management feature for syllabi, faculty-uploaded presentation slides, PDFs, or videos. Pre-test, post-tests, as well as numerous reporting capabilities are among its many features and capabilities.
– attendee portal for live CME/CE events streamlines administration and use for both the healthcare organization and the individual healthcare professional participant.
“As the founder of CloudCME, I am excited about this next level of growth for the company as part of HealthStream—with their ability to further support our customers with resources, great customer care, and innovation,” said Karl Wilkens, Chief Executive Officer, CloudCME. “Our commitment to excellent technology and customer service is strongly shared by HealthStream and I am, therefore, pleased that our customers will continue to receive the same outstanding service they’ve grown to expect from us over the years. I am also excited by the opportunity to join HealthStream in furtherance of our shared vision to ultimately improve the quality of healthcare.”
