Canadian telemedicine start-up Dialogue has officially filed to go public on the Toronto Stock Exchange.
The Montreal-based company filed the preliminary long-form prospectus earlier this week for a proposed initial public offering. Dialogue has yet to determine the price of the common shares to be sold.
BetaKit reported that the public offering is being conducted through a syndicate of underwriters, led by National Bank Financial, RBC Capital Markets, Scotiabank, and TD Securities. Other participants include CIBC World Markets, Desjardins Securities, Canaccord Genuity, iA Private Wealth, INFOR Financial, and Laurentian Bank Securities.
Founded in 2016, Dialogue offers a telemedicine solution aimed at employers and their employees. The company’s digital platform allows users to access services from frontline healthcare providers.
In 2020, the company reported its revenues had seen a year-over-year increase by 187%, with $60 million of annual recurring revenue as of January 2021. BetaKit also said that Dialogue currently serves around 2.5 million Canadian plan members through distribution agreements with four of Canada’s top five insurance carriers.
One of those carriers is Sun Life, which also happens to be Dialogue’s leading investor. In July 2020, Sun Life made a $32.7 million equity investment in the virtual medicine firm, giving Sun Life a minority ownership in Dialogue as well as customary rights to acquire additional equity. That financing round closed with Dialogue raising a total of $43 million.
To date, Dialogue has raised over $100 million. Other backers of the start-up include Caisse de dépôt et placement du Québec, Portag3 Ventures, White Star Capital, and First Ascent Ventures.
