Canada-based healthcare software provider VitalHub has acquired Novari Health for a total upfront consideration of $43.6m, comprising $35.8m in cash and issuance of 733,726 common shares of VitalHub.
Based in Kingston, Ontario, Novari Health specialises in healthcare software solutions.
With over 20 years of experience, the company offers integrated software modules for referral management, surgical wait list management, central intake, and care coordination.
Its cloud-based technologies are used by health systems, hospitals, and regional health authorities to reduce wait times and ensure timely patient treatment.
As of 30 June 2025, Novari reported an annual recurring revenue of around $12m and was nearing adjusted EBITDA breakeven before the acquisition.
The company’s software solutions, compliant with HL7, FHIR, and DICOM standards, easily integrate with various healthcare systems, improving access to care and efficiency.
The acquisition, combined with Strata’s referral management platform, is expected to strengthen VitalHub’s position in the Canadian market.
In addition, VitalHub plans to leverage its international presence to expand Novari’s reach globally, particularly in the UK.
The joint go-to-market strategy aims to enhance customer value and establish VitalHub as a leader in the referral management sector.
Torkin Manes served as the legal advisor to VitalHub, while TD Securities acted as the financial advisor and Osler, Hoskin & Harcourt served as the legal advisor to Novari.
VitalHub CEO Dan Matlow said: “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.
“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 digitalisation journey.”
Novari president and CEO CPHIMS John Sinclair said: “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.”
