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Thursday, Oct 6, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Retail

Will Carebook Technologies deal with METRO bring health and prosperity?

METRO is a retailer, distributor, manufacture and offers franchise options, with a network of over 950 food stores.

Image courtesy of Carebook

CoreHealth, a subsidiary of Carebook Technologies (TSXV: CRBK) (OTCPK: CRBKF), entered into a binding agreement on August 19, 2022, to provide a digital health and well-being solution with Quebec-based food and pharmacy company, METRO.

CoreHealth’s wellness platform acts as a convergence machine, connecting various technologies in the industry to form a custom, turn-key health and wellness solution, which the company has since been able to push out to Fortune 10 and 500 companies. CoreHealth was picked up by Carebook Technologies in 2021.

“We are thrilled to announce this new partnership with METRO, one of Canada’s leading grocery and pharmacy retailers. The chance to work with METRO is a unique opportunity for CoreHealth to showcase the flexibility of our platform as it adapts to new markets and continues to deliver solutions that improve health and well-being. CoreHealth will be supporting METRO’s transformational initiatives in the industry, promoting the health and well-being of Canadians in new ways,” said Michael Peters, Carebook’s CEO.

Carebook’s platform is used by more than 3.5 million members. The company completed the acquisition of health and productivity risk management company, InfoTech, and CoreHealth Technologies in 2021. The combination of these companies culminated in the forming of a comprehensive digital health platform that uses assessment tools and and the technology to delivery complementary solutions.

The deal will also add another revenue stream to the company, which pulled in a $2.3 million in revenue for the period ending June 30, 2022. This is compared to the $1.1 million it made the same period the year prior, which represents an increase of 105 per cent. This came about as a result of the acquisitions of Infotech and Corehealth. Revenue was split 28 per cent from the employer vertical and 72 per cent in 2021 from the pharmacy vertical, whereas this year it was 25 per cent pharmacy and 75 per cent employer.

“We are excited with the ability of the platform to add value to our customers across our food and pharma banners and ties well with our purpose of nourishing the health & wellbeing of the communities that we serve” says Alain Tadros, vice-president of marketing for METRO.

Metro is a food and pharmacy company operating in Quebec and Ontario. It’s a retailer, distributor, manufacture and offers franchise options, with a network of over 950 food stores under several brands, including Metro, Metro Plus, Super C, and Food Basics, as well as 650 drugstores under Jean Coutu, Brunet, Metro Pharmacy and Food Basics Pharmacy brands The company employs over 90,000 people.

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