Spark Centre is thrilled to congratulate Spark Centre client, Kai Innovations on their multi-million dollar acquisition!
KAI Innovations, a Whitby-based startup targeting healthcare professionals looking to move their health records online, has acquired Ottawa-based Trimara Corporation. The full press release is below.
Today, KAI Innovations announced that it has acquired Trimara Corporation, a medical technology company based in Ottawa that has a primary focus offering an Electronic Medical Record (EMR) solution to physicians in Ontario. Trimara is one of the fastest growing companies in the market and recently completed the acquisition of two smaller vendors in 2015.
The multi-million dollar acquisition was an all-cash deal that has not altered the current share structure of KAI Innovations. Arjun Kumar, CEO of KAI Innovations said “This is an exciting milestone in our rapidly expanding business. We are excited to have the management team from Trimara join KAI Innovations as we have been impressed with their work. The acquisition not only advances our already impressive growth rate, but the resulting team will be one of the strongest and most innovative in the market.” On plans for the future, Mr. Kumar feels “We will continue to offer a top quality solution at economical prices. It will be difficult for competitors to match our offering now that we have reached this position”.
President of Trimara Corporation, Kris van der Starren, who will be joining KAI Innovations as the Chief Information Officer said “This amalgamation of top-talent in the OSCAR EMR space will benefit clinicians and clinical staff and improve patient care through the combined team’s ability to drive innovation into the OSCAR platform for all users of OSCAR. This is an extremely positive evolution for the entire OSCAR market and I am proud to be a part of it.”
While KAI Innovations will look to expand nationally in 2016, majority of its operations will remain focused on Ontario as only 11,212 of almost 30,000 physicians have converted to Electronic Medical Record systems as of November 30th 2015, representing only a fraction of the total potential market. The expansion plans will include Manitoba and Atlantic Canada, and the company is currently investigating other acquisition opportunities in British Columbia.
Upon completion of the transaction, KAI Innovations will be managing the Electronic Medical Record infrastructure for thousands ofOntario physicians and allied health providers in 2016. Sara Bond, COO of KAI Innovations stresses the opportunity for growth “It has been amazing watching KAI Innovations grow by 100% year over year since inception, and with only about half of the market transitioning from paper records to Electronic Medical Records the potential is limitless.”
KAI Innovations will also focus on its innovative passion projects by rolling out patient engagement solutions to over 1 million Ontarioresidents who will be offered real-time access to their medical records as well as the ability to interact with their doctors electronically through tools like Online Booking and Secure Messaging. Mr. Kumar concluded “We have a lot in store for the Canadian healthcare system in the next few years and plan on elevating an outdated industry into modern times.”
About KAI Innovations
Founded in late 2012 by former healthcare professionals in response to poor quality customer service offerings available to physicians in Ontario looking to move to electronic systems. The company was seeded with a $50,000 Start-up grant from the Northumberland CFDC, KAI Innovations has now become the leader in delivering McMaster University’s OSCAR Electronic Medical Record (EMR) software and IT Solutions to healthcare organizations in Ontario. With the goal of providing a high quality, yet economical, solution to physicians to improve the management and care of their patients. KAI Innovations has a strong focus on innovation and will continue to improve options available to medical practices across North America.
For further information: Sara Bond, firstname.lastname@example.org, 905-444-9166