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Helix Technologies, Inc. and MOR Analytics have announced the unification of their two companies, becoming Forian Inc..
In October 2020, a merger was announced between Helix Technologies, Inc. and Medical Outcomes Research Analytics, LLC (MOR Analytics). With this agreement the two companies will run under a new name Forian Inc., continuing to produce innovative healthcare information, analytics, and technology as a new organization. Both Helix Technologies, Inc. and MOR Analytics will go through an all-stock transaction with MOR Analytics members owning approximately 72% and Helix shareholders will own the remaining 28% of the newly combined business on a fully diluted basis. Helix shareholders will also receive .027 shares of Forian common stock for each share of Helix common stock. Forian shares received by the company’s merger are planned to be treated as a tax-free exchange for federal income tax purposes and the newly formed company will also have an excess of $10 million in cash available. In addition, there will be no incurring of new debt to affect the combination.
“We are thrilled to add Helix's unique technology and information assets to our innovative de-identified patient health data and analytics platform,” said Dan Barton, MOR Analytics Chief Executive Officer (CEO) (1). “We have created the nation's only HIPAA compliant, Real World Evidence platform integrating cannabis and de-identified healthcare data designed to support SaaS based business performance analytics, product safety and efficacy surveillance solutions, and evidence-based health outcomes research. Our U.S.-based healthcare and cannabis clients can leverage data-driven insights to achieve improved patient health outcomes and business performance. We are excited to welcome the Helix platform and recognize the top-tier results produced by Zachary and his team over the last several years.”
Helix CEO Zachary Venegas also commented on the announcement (1). “As Helix has grown into one of the leading global providers of software used in the cannabis industry, we have prioritized value-added solutions, innovation, and outstanding execution at every opportunity. With today's important announcement, this commitment is being taken to the next level. Joining with MOR adds a completely new and critical dimension to Helix's capabilities that will further advance the commercial success of customers using our BioTrack and Cannalytics technology suites.”
Both companies trust that there are momentous synergistic opportunities to create value through combining MOR’s proprietary data and proven experience in data architecture, technology, and analytics with Helix’s operating software business. Through this unification, it creates the largest proprietary, integrated, Health Insurance Portability and Accountability Act (HIPAA) compliant US cannabis Real World Evidence and commercial analytics platform. With this platform, it plans to (1):
Forian Inc. shall be maintaining their headquarters in Newton, PA, as well as offices in Fort Lauderdale, FL and Denver, CO. Dan Barton, CEO of MOR Analytics is now the CEO of Forian Inc. Max Wygod, co-founder of MOR Analytics is now the Executive Chairman of the Board. Adam Dublin, co-founder of MOR Analytics is now the Chief Strategy Officer and Director. Zachary Venegas, Executive Chairman and CEO of Helix and Scott Ogur, Chief Financial Officer of Helix, are remaining onboard and continuing to manage Helix alongside their MOR Analytics counterparts. Forian Inc.’s Board of Directors includes 11 directors, comprised by Marty Wygod, Max Wygod, Adam Dublin, Dan Barton, Scott Ogur, and six new independent directors. The merger and stock proceedings are expected to close sometime within the first quarter of 2021.