Med-Tech Company Medfar Clinical Solutions Raises CAD$25 Million

Quebec-based private equity firm Walter Capital Partners has acquired a minority stake in Medfar Clinical Solutions (“Medfar”), a Montreal-based provider of electronic medical records, by leading a CAD$25 million investment round. Medfar did not disclose the other investors participating in the round. Éric Phaneuf, president and CEO of Walter Capital Partners, will join Medfar’s board of directors. The new capital will be used by Medfar to expand the reach of its web-based electronic medical records solutions, including through technology development, the hiring of additional employees, and acquisitions of other firms.

Medfar was founded in 2010 by two aeronautical engineers and “aims to simplify the administrative process associated with daily medical practice by housing patient files and data on its web-based platform”. Medfar’s product is MYLE (an acronym for “make your life easy”), which is a subscription-based service that can act as both a medical records and care management solution. Medfar currently serves nearly 7,000 Canadian physicians, who deliver 10 million consultations annually. With the expansion of virtual healthcare in the post-COVID world, it will be interesting to monitor future developments in this sector.

Author: Andrew Patel