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Carebook Technologies Enters Into LOI to Acquire Leading B2B Enterprise SaaS Software Company
[November 11, 2020]

Carebook Technologies Enters Into LOI to Acquire Leading B2B Enterprise SaaS Software Company


- Target Company's Software Platform Focused on Corporate Health & Well-Being will be Highly Complementary to Carebook's Current Offering -

MONTREAL, Nov. 11, 2020 /CNW Telbec/ - Carebook Technologies Inc. ("Carebook" or the "Company") (TSXV: CRBK) (FRANKFURT: PMM1), a leading Canadian digital health company, is pleased to announce that it has entered into an LOI for the acquisition of a North American based, industry-leading B2B enterprise Software-as-a-Service (SaaS) company ("TargetCo"). TargetCo's proprietary software platform, IP and metrics are supported by advanced analytics and focus on corporate health, mental health & well-being. This will be highly complementary to Carebook's current offering. TargetCo has annual sales of approximately $4 million, is profitable and will be immediately accretive to Carebook. The purchase price is expected to be approximately $14 million, consisting of a combination of cash and stock. Carebook expects to close the transaction within the next sixty days, subject to customary conditions, and pursuant to applicable securities laws. This transaction will mark Carebook's initial entry into the very sizeable employer market. Today's announcement highlights Carebook's intention to pursue an aggressive M&A strategy in parallel with its organic growth. 

Carebook's interest in TargetCo is based on its industry-leading reputation, the robust nature of its product and software platform, strong management team and its blue-chip client base. Given the impact of the global pandemic on employee well-being and mental health, these strengths are particularly relevant to Carebook. TargetCo's clients are a mix of direct clients, typically multinational companies, including several in the Fortune 500 and partners/resellers who incorporate the product into their corporate and consumer offerings reaching close to one millionemployees. TargetCo's significant international client base will contribute to the growth of Carebook's global footprint.



"We are very excited to move forward with this acquisition," commented Pascale Audette, CEO of Carebook. "One of our key strategies for growth is to build out our platform with leading technology and accretive acquisitions. TargetCo squarely fits this description. The ability to leverage their leading software platform and blue-chip customer base with our core engagement platform presents significant opportunities for growth for Carebook. The combination of Carebook's wellness and virtual care platform with TargetCo's corporate health and well-being expertise, will drive significant revenue opportunities. This will continue to position Carebook for significant growth on a global basis in the pharmacy, insurance, employer and government verticals."

About Carebook Technologies


Our core is science. Our solutions are accessible. Our mission is to empower people.
Built on a powerful health platform, Carebook creates highly engaging, customer-centric digital solutions for pharmacies, insurance providers, individuals, governments and employers. Based in Montreal, and led by a world-class team and Board with extensive global business and healthcare industry experience, Carebook's core is science and technology, its philosophy is people-first, and its goal is accessible, connected health for everyone. Carebook recently listed on the TSX Venture exchange under the symbol "CRBK" and trades on the Frankfurt Stock Exchange under the symbol PMM1.
www.carebook.com

Notice regarding forward-looking statements:

This release includes forward-looking information within the meaning of Canadian securities laws regarding Carebook and its business. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of the management of Carebook and are based on assumptions and subject to risks and uncertainties. Although the management of Carebook believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, including risks regarding the threat detection technology industry, failure to obtain regulatory approvals, economic factors, management's ability to manage and to operate the business of Carebook, the equity markets generally and risks associated with growth and competition. Although Carebook has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Carebook does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. In addition, the current situation and future developments with respect to the COVID-19 pandemic could cause certain of the assumptions and information set forth herein or the fact that on which such assumptions are based to differ materially from previous expectations including in respect of demand for our products, supply chain and availability of materials, mobility and shipping of materials and or products, access to debt and equity capital and other factors.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Carebook Technologies Inc.


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