Proactive Investors - iCoreConnect’s shares rose by more than a fifth in Wednesday premarket trading after the cloud-based software and technology company said it acquired dental insurance verification provider Verifi Dental.
The company said the acquisition expands the portfolio of SaaS software solutions it provides to the healthcare market.
It didn’t provide a value for the deal, which it said adds momentum to its growth strategy.
“The addition of Verifi brings iCore enhanced capabilities, a broader market presence, and ultimately improves the value we offer to our customers and stakeholders,” iCoreConnect president and CEO Robert McDermott commented in a statement.
“We believe the combined strengths of iCoreConnect (NASDAQ:ICCT) and Verifi will position us as a formidable force in the insurance verification sector.”
Apart from complementary expertise, and additional products and service offerings, iCore said the acquisition will also result in synergies and operational efficiencies
“Insurance verifications have always been one of the major challenges and pain points in the dentistry field,” Verifi CEO Jacob Weprin added.
“The acquisition of Verifi empowers iCoreConnect to immediately connect to a vast network of additional insurance companies and provide the best results in the industry through a cloud-based environment that ensures accessibility from any location.”
Ahead of the opening bell, iCore's shares traded 21% higher at $1.57.