Halifax-based medical social network, The Rounds, has been acquired by Toronto's Native Touch, a digital advertising firm. The deal, finalized in May, ensures the company's eight-member team will remain and expand its operations in Halifax. While financial terms were not disclosed, the acquisition marks a significant exit for the Atlantic Canadian tech company, promising a new phase of growth.
A Strategic Move for Synergistic Growth
The acquisition is the culmination of a year-long strategic review by The Rounds' board to foster growth through a corporate transaction. Native Touch, specializing in mobile-first programmatic advertising, presented a compelling opportunity for synergy. This alignment promises to enhance the platform's reach and capabilities, leveraging Native Touch's extensive advertising network and expertise.
The Rounds monetizes its platform by offering corporate sponsorships to entities wishing to connect with the medical community. This business model aligns directly with Native Touch's core operations in targeted digital advertising. The fusion of these two companies is expected to create a powerful channel for communication within the healthcare sector.
Pioneering a Collaborative Medical Network
Founded in 2012 by Blair Ryan, Will Harris, and Michael Clory, The Rounds was built on a simple yet powerful premise. The co-founders recognized that medical professionals often need to consult peers to solve complex patient cases. Their vision was to create a dedicated digital space to facilitate this vital collaboration among trusted colleagues.
The company developed a secure, closed network exclusively for verified healthcare professionals, offered free of charge to its members. This exclusivity built a foundation of trust and encouraged open discussion on sensitive medical topics. The platform's integrity and focused user base became its most valuable assets, attracting both users and corporate partners.
Continued Expansion and Future Prospects
The Rounds experienced a significant surge in growth during the pandemic, solidifying its position within the Canadian medical community. Its core strength lies with family physicians, general practitioners, nurses, and pharmacists across the country. This established user base provided a strong foundation for its recent expansion into more specialized medical fields.
The platform has recently branched into several new specialties, including dermatology, gastroenterology, rheumatology, and neurology. CEO Tim Rice highlighted the launch of a new community for optometry, which is anticipated to be its fastest-growing segment. This diversification demonstrates the company's commitment to serving a broader spectrum of the healthcare industry.
Prior to the acquisition, the company successfully closed a $6.7 million Series A funding round in 2023. Key investors included Atlanta-based Panoramic Ventures and Invest Nova Scotia, with past support from East Valley Ventures. This strong backing underscored the market's confidence in the company's model and its potential for continued success.
The acquisition by Native Touch marks a new chapter for The Rounds, securing its future while retaining its local roots. CEO Tim Rice emphasized that the company will remain headquartered in Halifax and plans to grow its team within the Atlantic provinces. He praised his team's resilience throughout the acquisition process, expressing optimism for the company's continued impact on medical collaboration.
Source: Entrevestor