Progressive Care plans to acquire telehealth service provider MyApps Corp

Progressive Care, a customized healthcare services and technology company, has entered into a letter of intent (LOI) to acquire MyApps Corp., a healthcare software developer, in a deal worth about $10.2 million.

The acquisition includes the telehealth service app CallingDr. Additionally, Progressive Care will be engaging MyApps immediately to speed up the development of software platforms for ClearMetRX, which is a fully-owned data management subsidiary of Progressive Care.

MyApps, which is a commercial-stage software developer, is expected to record more than $1 million in revenues this year.

Adnan Malik – MyApps Founder and CEO said: “We look forward to joining the Progressive Care team, which will provide MyApps with a spectacular backing and platform to continue to drive value as an organization bent on changing the healthcare system from the ground up.

“Telehealth has been a revolution in the making for a decade or more. But the COVID-19 crisis has finally kicked down the doors and taken the system past the point of no return. With unnecessary regulatory barriers out of the way, the stage is set for an aggressive realignment in favor of telehealth solution providers.”

Progressive Care plans to acquire telehealth service provider MyApps Corp

Following the completion of the closing of the deal, Progressive Care will begin to offer health IT, HIPAA-compliant software development, HL7 integrations, and virtual healthcare services on a business-to-business (B2B) basis to clients spanning the global healthcare distribution landscape, providing services directly to consumers and via channel partners.

Alan J. Weisberg – interim CEO of Progressive Care said: “Following the completion of the acquisition, we plan to market the software to the physicians who are currently our clients, and then to the entire community of physicians, medical practices, therapists, remote rehab centers, and nursing homes across the United States.

“Following the sharp and significant deregulation of the Telehealth system we have seen over recent months, the door to a very different – and far more efficient – overarching healthcare paradigm has been thrown wide open. And MyApps has already built something with revolutionary potential, making this strategic move a grand slam home run for Progressive Care given our stated objective to become a global leader in the delivery and integration of Telehealth and Telemedicine services.”