Healthcare Tech Firms iGambit and Clinigence Announce Merger, Eye Nasdaq Listing

On August 12, 2019, VCBeat (WeChat Official Account: vcbeat) learned from overseas sources that iGambit, a U.S.-listed medical technology company, announced its merger with Clinigence Holdings (hereinafter referred to as “Clinigence”), a medtech firm established in 2018. The two parties have signed an agreement to merge through a share exchange. This agreement has been approved by both companies’ boards of directors and is expected to be completed by the end of November 2019, subject to the satisfaction of closing conditions stipulated in the agreement.

The merged company will continue to operate under the name Clinigence, with a vision to become a leading publicly traded health information technology company and help transform the U.S. healthcare industry in the future.

iGambit (OTC Markets ticker: IGMB) is a publicly traded medical technology company headquartered in New York, USA. It wholly owns the HealthDatix platform, a comprehensive management system for healthcare-related information, including insurance reimbursement.

Clinigence is also a medical technology company that provides healthcare-related management services to healthcare institutions via a cloud platform, including but not limited to clinical data, health insurance data, and claims data.

Upon completion of the transaction,ClinigenceJacob Kobi Margolin, the current Chief Executive Officer and President, will continue to serve as the CEO and President of the combined company. Warren Hosseinion, M.D., will continue to serve as Chairman of the Board of the combined company. The current Chief Financial Officer of iGambit, Inc.Elisa Luqman, will continue to serve as Chief Financial Officer and General Counsel of the merged company; Lawrence Schimmel, M.D., will continue to serve as Chief Medical Officer; and Charles Kandzierski will be appointed as Chief Operating Officer and Head of Communications.

The new board of directors will consist of nine members, with seven appointees (including five independent directors) from Clinigence and two appointees (including one independent director) from iGambit. John Salerno, President of iGambit, will resign from his positions as an officer and director of the company to become an observer on the new board.

“Our two companies are complementary, which will benefit the development of our technology platform,” said John Salerno, President of iGambit. “This collaboration presents an opportunity to integrate the resources of HealthDatix and Clinigence, and we are very excited about the future.”

“We are pleased to announce this strategic transaction with iGambit to create a leading publicly traded health technology company,” said Jacob Kobi Margolin, CEO of Clinigence. “We see significant growth opportunities, and the platform created through the merger will deliver comprehensive solutions to health plans, independent physician associations/medical groups, management services organizations, accountable care organizations, hospitals, and individual physicians.”

“This merger represents a significant strategic shift for us,” said Dr. Warren Hosseinion, Chairman of Clinigence. “Our primary objective following the merger is to list on the Nasdaq Capital Market.”

                                                                                                    (Compiled by He Lang)