MTBC (MTBC) Acquires Meridian Medical Management

MTBC, Inc. (Nasdaq: MTBC) (Nasdaq: MTBCP), a leading provider of cloud-based healthcare IT solutions and services, today announced the closing of its acquisition of Meridian Medical Management (“Meridian”), a former GE Healthcare IT company that delivers advanced healthcare information technology solutions and services to thousands of healthcare providers nationwide.

“Meridian is our largest acquisition to date,” said Stephen Snyder, CEO of MTBC. “We expect to provide increased revenue guidance as part of our second quarter investors call as a result of this transaction. We also believe that Meridian’s team, digital assets, and customer base will help further accelerate our growth and margin expansion during 2021 and beyond.”

Meridian’s Robotic Process Automation (RPA) solution leverages digital assistants called “Microbots” that replace mundane, repetitive processes, allowing organization scalability and increased production in a HIPAA-compliant environment. Meridian’s digital assets also include cloud-based business intelligence software, which provides sophisticated analysis and reporting capabilities to large, complex, multi-specialty physician groups, prestigious healthcare systems, and national healthcare IT vendors. These technology solutions are further extended by Meridian’s leading revenue cycle management and electronic health records solutions.

“Meridian’s technology will further elevate MTBC’s robust solutions with additional tools to help our customers scale and increase profitability,” said A. Hadi Chaudhry, President of MTBC. “We’re excited to welcome our new team members and customers to the MTBC family of companies.”

In the five years since its IPO, MTBC’s revenue achieved a 35% compound annual growth rate (“CAGR”) and management reaffirmed its full-year 2020 guidance in May, which would represent year-over-year revenue growth of 55 - 58% in 2020. During its Q2 earnings call, management will provide an update on its Meridian transaction, including an anticipated increase in its full-year 2020 revenue guidance.

Meridian Billing Management, Co., a Vermont corporation, was known as GE Healthcare Strategic Sourcing Corp. prior to being acquired by Gores Meridian Medical Holdings, LLC in 2013. Meridian employs more than 200 team members and maintains offices throughout the U.S., including Hartford, Connecticut, Seattle, Washington, Rutherford, New Jersey, Reading, Pennsylvania, and Hutchinson, Kansas.

MTBC acquired Meridian Billing Management and its affiliate, Origin Healthcare Solutions and subsidiaries (together, “Meridian Medical Management”), on June 16, 2020, through the closing of a stock purchase agreement. This does not purport to be a full overview of the transaction, additional information regarding which can be found in MTBC’s Form 8-K, which was filed today with the United States Securities Exchange and Commission.

B. Riley FBR, Inc. acted as exclusive investment banker to Meridian in connection with the transaction. Crosstree acted as advisors to MTBC in connection with the transaction.

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