Forian Announces the Sale of BioTrack to Alleaves
NEWTOWN, PA and DEERFIELD BEACH, FL, Feb. 13, 2023 (GLOBE NEWSWIRE) — via NewMediaWire — Forian Inc. (Nasdaq: FORA), a provider of technology, analytics and data science driven solutions, today announced the sale of Forian’s cannabis software subsidiary, Bio-Tech Medical Software, Inc. (d/b/a BioTrack), to Alleaves, Inc., a provider of ERP software solutions to the cannabis industry, effective February 10, 2023, for a total purchase price of $30 million in cash, comprised of $20 million paid at closing and $10 million paid in twelve required equal monthly installments, subject to any working capital adjustments. Forian will retain a license to certain cannabinoid-based data to enhance its healthcare information offerings. As a result of the transaction, Forian will focus on its healthcare information business and will no longer provide software solutions to the cannabis industry.
This transaction allows us to focus our efforts on our healthcare information business, which has been the key driver of our growth to date and will further accelerate our path to positive Adjusted EBITDA.
Max Wygod, Executive Chairman of Forian
The acquisition by Alleaves adds industry leading point of sale and traceability platforms within the cannabis industry, including BioTrack™ and Cannalytics®, to the Alleaves™ offering suite.
“The addition of BioTrack and Cannalytics will accelerate our mission to provide top-of-the-line ERP solutions to the cannabis industry,” said Mike Beedles, Founder of Alleaves. “I’m especially encouraged for our current and future clients who will benefit from having access to two leading cannabis software organizations, both of which are dedicated to our customers’ need for improved control, cohesion, clarity and compliance in this vast and evolving industry.”
Simultaneous with the transaction, Daniel Barton stepped down as Chief Executive Officer and President of Forian effective February 10, 2023. Max Wygod, Forian’s co-founder and Executive Chairman, has been appointed Interim Chief Executive Officer and President. “On behalf of the Board, I want to thank Dan for his dedication to and leadership of Forian,” commented Max Wygod.
Forian Inc. provides a unique suite of data management capabilities and proprietary data and analytics to optimize and measure operational, clinical and financial performance for customers within the traditional and emerging life sciences, healthcare payer and provider segments. For more information, please visit Forian’s website at www.forian.com.
Alleaves was founded with a knowledge of cannabis cultivation, manufacturing, and sale embedded in the company’s culture. Its ultimate goal is to optimize the unique complexity of the cannabis journey affecting its operator customers, with a top-of-the-line ERP platform, focusing on the flexibility for customers to choose elements of its cohesive system designed to improve cannabis operator business operations. For more information, please visit Alleaves’ website at www.alleaves.com.