Vitalhub Corp. is pleased to announce that it has acquired Novari Health Inc., a leading healthcare software provider of patient flow solutions based in Canada.
Transaction Details
VitalHub has acquired Novari for total up-front consideration of $43.6 million, plus potential performance-based consideration. The purchase price paid at closing was composed of a cash payment of $35.8 million, subject to working capital adjustments, and the issuance of 733,726 common shares of VitalHub. The maximum amount payable under the all-cash performance-based earnout is $5.0 million over the two-year period following closing.
Overview of Novari
Based in Kingston, Ontario, Novari is a leading healthcare software provider with over 20 years of experience improving patients’ access to care. The platform offers a series of integrated software modules providing referral management, surgical wait list management, central intake, and care coordination. Health systems, hospitals, and regional health authorities leverage Novari’s cloud-based technologies to drive down wait times and ensure that the right patients get treated at the right time and by the right provider.
As of June 30, 2025, Novari had Annual Recurring Revenue of approximately $12.0 million. Prior to the Acquisition, Novari was approaching Adjusted EBITDA breakeven.
Strategic Opportunity
The referral management market is a key area of investment for governments internationally due to increasing wait times and administrative burdens. In combination with Strata’s referral management platform, the Acquisition is expected to strengthen VitalHub’s leading position in the Canadian market.
Additionally, VitalHub will leverage its international footprint to more rapidly expand Novari’s penetration globally, particularly in the UK. A joint go-to-market and suite of solutions will enhance value for customers and establish VitalHub as a leader in the referral management market.
“We have watched the success of Novari in the Canadian landscape for over a decade, and are honoured to welcome the team to the VitalHub platform,” said Dan Matlow, CEO at VitalHub. “We have solidified our leading position in the Canadian patient flow market, which we believe will be a long-term area of growth in the country’s digitalization journey.”
“We couldn’t be more excited about becoming a VitalHub company as we look to accelerate our growth in Canada, where we will continue to provide great software and professional services to our existing and future Canadian clients, and internationally where we will benefit from VitalHub’s presence and customer relationships,” said John Sinclair, CPHIMS, President and CEO at Novari.
VitalHub’s legal advisor for the Acquisition was Torkin Manes LLP. Novari’s financial advisor for the Acquisition was TD Securities Inc. and its legal advisor was Osler, Hoskin & Harcourt LLP.
About Novari
Novari’s award-winning enterprise scale referral management, central intake, and wait list management software solutions improve access to care whilst improving the efficiency and effectiveness of healthcare organizations. Leveraging HL7, FHIR, DICOM, and other international standards, Novari’s technologies complement and integrate with a wide variety of healthcare systems (e.g., HIS, EMR, PACS, etc.). Headquartered in Canada, with offices in Australia, New Zealand, and the United Kingdom, Novari is one of the fastest growing digital health solution providers. ISO 27001 certified, Novari Health is a Microsoft Partner, with software solutions hosted on Microsoft Azure’s global network of data centres.
About VitalHub
VitalHub is a leading software company dedicated to empowering health and human services providers globally. VitalHub’s comprehensive product suite includes electronic health records, operational intelligence, and workforce automation solutions that serve over 1,000 clients across the UK, Canada, and other geographies. The Company has a robust two-pronged growth strategy, targeting organic opportunities within its product suite and pursuing an aggressive M&A plan. VitalHub is headquartered in Toronto with over 500 employees globally, across key regions and the VitalHub Innovations Lab in Sri Lanka. For more information about VitalHub, please visit vitalhub.com and LinkedIn.
Originally announced July 7th, 2025
