The acquisition of AUDserv, Inc. was key. Just buy them if you want their software. They needed the software to complete the high end cost effective hearing aid.
Marketwired MarketwiredAugust 22, 2017
ROSEVILLE, CA--(Marketwired - August 22, 2017) - InnerScope Advertising Agency, Inc. (INND) has entered into a Letter of Intent to acquire 100% of the outstanding shares of AUDserv, Inc. ("AUDserv"). AUDserv through three operating divisions had 2016 revenue of over $1M (unaudited), operating predominantly in the business to business sector, with hundreds of clients, a highly scalable SaaS (Software as a Service) based practice management platform, and key infrastructure.
AUDserv owns Prism Connect, a SaaS based Patient Management System (PMS) software program created and designed by an Audiologist, specifically to fill a much-needed clinical gap solved in other multidiscipline software programs, customized for Audiology. It allows audiological retail clinics to better manage their day-to-day operations, through efficient clinical workflow, patient follow up and logical organization of data.
Currently used by 200 hearing health-care providers and or their staff, Prism Connect is the only PMS software platform that delivers a comprehensive business solution that is easy for any front desk staff to use. Once the data is uploaded, Prism Connect seamlessly integrates the needs of the audiologist, management, patient and marketing. Prism Connect also provides a link ("Prism ENT") between an electronic medical record (EMR) system, containing patient's medical history, giving the audiology clinic a "Best-In-Class" PMS, while seamlessly integrating the schedule and patient files of the clinics patient management platform. EMR systems are not designed for Audiology and the records are often not integrated. Prism ENT solves that problem by linking the two platforms.
Another division of AUDserv is the Prism Buying Group ("PBG"). PBG has in place agreements with most of the major hearing aid manufactures for discounts on hearing aids and hearing aid related accessories and has established an expandable revenue program of consistent transactions of products and services.
Matt Moore, INND CEO states, "the recent acquisition of Sycle LLC for their Sycle.net SaaS based PMS audiology management system, by Cochlear Ltd. for $78 million was not lost on us. We believe the business metrics that drove that valuation are achievable by INND." He goes on to add "this propels our scalable business model, adds revenue and a strong and growing client base, critical infrastructure and industry talent to rapidly grow this business. This is truly a complimentary acquisition." Charlie Stone, Doctor of Audiology ("Au.D."), a AUDserv stakeholder and a Hearing Industry Icon states, "Today, AUDserv has chosen to join forces with INND and the co-founders, Matt Moore and Mark Moore, to expand the original vision and mission for AUDserv and Prism. We believe INND has the ability and the passion to work with myself and other stakeholders of AUDserv to expand Prism Connect, the Prism Buying Group, and Retail expansion throughout the country. Personally, I look forward to working together with INND in growing this synergistic relationship between INND and AUDserv."
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