Healthcare Internet technology firm United America Enterprises has taken a majority position in telemedicine software developer WorldCare Technologies. In exchange for the 60% stake, the Vancouver, Canada-based firm has paid $3.5 million to WorldCare's parent company, WorldCare Limited.
Of the $3.5 million, $1 million in cash was paid to WorldCare Limited, a telemedicine and teleradiology services provider. The remaining $2.5 million to WorldCare Technologies will be used as working capital for future expansion. WorldCare Technologies' products are used in a global telemedicine network encompassing 12 countries. The Cambridge, MA-based firm was spun off from WorldCare Limited in November 1998.
By AuntMinnie.com staff writers
February 8, 2000
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