Vancouver-based Well Health Technologies, a health-tech company has acquired the services segment of Toronto-based cybersecurity startup Cycura for an amount of $2.55M CAD in August 2020.

Subsequently, Well Health will retain Cycura’s employees and brand name and will supervise a new business division called Cycura Data Protection Corp. This new division will be led by present-CEO of Cycura Iain Paterson, previously the Managing Director of Cycura. The startup will also continue to cater to its existing clienteles, which work in the healthcare space.

Hamed Shahbazi started Well Health in 2010. The startup presently owns and operates 19 primary healthcare clinics in British Columbia and also provides electronic medical records services. It claims that the acquisition will guarantee that Canadians’ highly sensitive health data is kept safe.

The health-tech startup is traded on the Toronto Stock Exchange and has accomplished twelve acquisitions and three equity investments, including a $10.75M CAD acquisition of EMR ( Electronic Medical Records) provider Kai Innovations, a $5.94M CAD strategic investment in Insig ( a virtual clinic platform ), and a $1M CAD seed investment in ( an AI-driven clinical assistant ).

Along with these investments, it had also acquired three other EMR providers in 2019, namely NerdEMR, OSCARprn and OSCARwest, making it the third-largest EMR provider in Canada. Well Health’s EMR providers help thousands of physicians who attend to more than 15 million patient profiles across Canada.

It aims to leverage technology such as patient engagement tools, precision medicine and artificial intelligence, to improve health results as well as the primary healthcare experience for both patients and physicians. The startup is backed by renowned investor and business tycoon Sir Li Ka-Shing who has a wide-ranging portfolio spanning areas like philanthropy and investment. It is a quadruple bottom line company which means that they monitor their performance based on the following four indicators: people, environment, community, finance.

Hamed Shahbazi, CEO of Well Health was quoted to say, “We are very excited to welcome the talented and experienced team from Cycura led by Iain and Melinda Coultar,( Cycura’s Vice President of services) and look forward to their leadership of the new Cybersecurity business unit at Well.”

Cycura is a cybersecurity startup founded in 2013 by Eitan Popper, Ofer Cohen, Stephen Arbib and Tarik Ouass. It offers both personalized attacking and self-protecting cybersecurity solutions. Offensive cybersecurity refers to a practical approach that involves launching a cyberattack against opponents to disrupt or disable their operations and to prevent future attacks. It mainly focuses on providing the following services: Security Audits; Forensics and Incident Response; Malware Analysis and Reverse Engineering; Continuous Monitoring; and Security Training Services.

Cycura’s patrons include both private and government organizations. It is headquartered in Toronto and has offices in Sweden and Israel as well.

CEO Iain Paterson said, “We are excited to join Well Health which shares our belief in the importance of improving cybersecurity resilience in the healthcare and health tech sector.”

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Aishwarya writes about the startup ecosystem on VCBay. She is a third-year Computer Science engineering student who looks forward to exploring the world of startups and finance.


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