iCoreConnect Inc. Announces Strategic Acquisition of Healthcare Circle of Excellence Assets

Rhea-AI Summary

iCoreConnect Inc. (NASDAQ: ICCT) has announced the acquisition of substantially all assets of the Healthcare Circle of Excellence (HCofE). This strategic move positions iCoreConnect as a leader in providing essential resources and solutions to help local healthcare community partners and practices remain independent and thrive. The company plans to launch a new Healthcare Circle of Excellence division and website to identify critical needs of practitioners and offer vetted solutions.

Key points of the acquisition include:

• Expansion of iCoreConnect's partnerships and resources
• Launch of a new Healthcare Circle of Excellence division
• Creation of a website offering tailored solutions for healthcare practices
• Continued involvement of HCofE founders in expanding partnerships
• Focus on empowering locally vetted teams of healthcare business professionals

This acquisition aims to enhance iCoreConnect's ability to support the financial success of healthcare practices across the U.S.

Positive

• Acquisition of Healthcare Circle of Excellence assets strengthens iCoreConnect's market position
• Expansion of partnerships and resources to better serve healthcare practices
• Launch of new Healthcare Circle of Excellence division to provide tailored solutions
• Potential for increased revenue and market share through expanded offerings

Negative

• None.

Insights

Financial Analyst

This acquisition is a strategic move for iCoreConnect, potentially expanding its market reach and service offerings in the healthcare sector. The integration of Healthcare Circle of Excellence assets could lead to increased revenue streams and a stronger competitive position. While financial details are not disclosed, the acquisition's impact on iCoreConnect's bottom line will be important to monitor. The company's focus on empowering independent healthcare practices aligns with industry trends towards supporting smaller, local healthcare providers. Investors should watch for synergies between iCoreConnect's existing cloud-based solutions and the new HCofE division, as well as any potential increase in customer acquisition or retention rates. The involvement of HCofE founders in expanding partnerships could accelerate growth, but execution risks remain. Overall, this move could enhance iCoreConnect's value proposition, potentially driving long-term shareholder value if successfully integrated and monetized.

Healthcare Technology Expert

iCoreConnect's acquisition of HCofE assets represents a significant step in addressing the evolving needs of independent healthcare practices. By integrating HCofE's partnerships and resources, iCoreConnect is positioning itself as a more comprehensive solution provider in the healthcare technology space. The planned launch of a new website and division focused on identifying and meeting critical practitioner needs could lead to more tailored and effective products. This move aligns with the industry trend of offering integrated platforms that combine financial management, workflow efficiency and practice resources. The success of this initiative will depend on iCoreConnect's ability to leverage these new assets effectively, particularly in enhancing its cloud-based software offerings. If executed well, this could result in improved customer retention and expansion of iCoreConnect's market share in the competitive healthcare IT sector.

OCOEE, Fla., Oct. 03, 2024 (GLOBE NEWSWIRE) -- iCoreConnect Inc. (NASDAQ: ICCT), a prominent cloud-based software and technology provider dedicated to enhancing workflow efficiency and profitability through its enterprise and healthcare platform, today announced the acquisition of substantially all of the assets of the Healthcare Circle of Excellence (HCofE). This acquisition positions iCoreConnect as a leader in providing essential resources and solutions to help local healthcare community partners and practices remain independent and thrive.

The strategic move marks a significant expansion of iCoreConnect's partnerships and resources, further enhancing its ability to meet the critical needs of healthcare practices and professionals with comprehensive, cutting-edge solutions. The acquisition strengthens the company's efforts to empower medical and dental practices with innovative solutions and valuable resources, fostering financial success by supporting local healthcare community partnerships across the U.S.

As part of the asset acquisition, iCoreConnect revealed plans to launch a new Healthcare Circle of Excellence division and a website designed to identify the critical needs of practitioners and practices while offering a wide array of vetted solutions and resources. Additionally, the HCofE founders will continue to play a key role in expanding healthcare community partnerships across the U.S. and enriching the website's offerings. The new division will focus on empowering locally vetted teams of healthcare business professionals to partner strategically with practitioners, practices, associations, organizations, and students, providing tailored solutions to address their evolving needs.

Robert McDermott, President and CEO of iCoreConnect, expressed his excitement: "Integrating these partnerships, solutions, and resources into iCoreConnect’s ecosystem marks a major milestone in our mission to understand better and address the changing needs of medical and dental practices. The new Healthcare Circle of Excellence website will be an invaluable resource for our partners, practices, practitioners, and students nationwide. We are thrilled about the opportunities this acquisition brings to further support the financial success of healthcare practices."

Certain former members of HCofE have joined iCoreConnect and shared their enthusiasm: "We are thrilled to join the iCoreConnect team and leverage their technologies, resources, and expertise in supporting practices, partnerships, and associations. This partnership will empower our local HCofE teams to support healthcare communities across the country successfully."

With this acquisition, iCoreConnect continues to set new standards in healthcare financial management, driving improved performance and profitability for healthcare practices.

About iCoreConnect Inc.

iCoreConnect Inc. is a market leader in cloud-based software and technology solutions, designed to enhance workflow productivity and profitability in the enterprise and healthcare sectors. Through its innovative platform of applications and services, iCoreConnect helps organizations optimize their operations and achieve better business outcomes.

Forward-Looking Statements

Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ‘believes,’ ‘estimates,’ ‘anticipates,’ ‘expects,’ ‘plans,’ ‘projects,’ ‘intends,’ ‘potential,’ ‘may,’ ‘could,’ ‘might,’ ‘will,’ ‘should,’ ‘approximately’ or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including those discussed under Item 1A. “Risk Factors” in the Company’s most recently filed Form 10-K filed with the Securities and Exchange Commission (“SEC”) and updated from time to time in its Form 10-Q filings and in its other public filings with the SEC. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.

Investor Contacts:
IR@icoreconnect.com
888.810.7706, ext 5

FAQ

What assets did iCoreConnect (ICCT) acquire in the recent announcement?

iCoreConnect (ICCT) acquired substantially all of the assets of the Healthcare Circle of Excellence (HCofE).

How will the acquisition impact iCoreConnect's (ICCT) service offerings?

The acquisition will expand iCoreConnect's partnerships and resources, allowing the company to offer more comprehensive solutions to healthcare practices and professionals.

What new division is iCoreConnect (ICCT) planning to launch following the acquisition?

iCoreConnect (ICCT) plans to launch a new Healthcare Circle of Excellence division and website to identify critical needs of practitioners and offer vetted solutions.

How will the acquisition affect Healthcare Circle of Excellence (HCofE) founders?

The HCofE founders will continue to play a key role in expanding healthcare community partnerships across the U.S. and enriching the new website's offerings.