ROSEVILLE, CA–(Marketwired – August 22, 2017) – InnerScope Advertising Agency, Inc. (OTCQB: INND) has entered into a Letter of Intent to acquire 100% of the outstanding shares of AUDserv, Inc. (“AUDserv”). AUDserv through three operating divisions had 2016 revenue of over $1M (unaudited), operating predominantly in the business to business sector, with hundreds of clients, a highly scalable SaaS (Software as a Service) based practice management platform, and key infrastructure.
AUDserv owns Prism Connect, a SaaS based Patient Management System (PMS) software program created and designed by an Audiologist, specifically to fill a much-needed clinical gap solved in other multidiscipline software programs, customized for Audiology. It allows audiological retail clinics to better manage their day-to-day operations, through efficient clinical workflow, patient follow up and logical organization of data.
Currently used by 200+ hearing health-care providers and or their staff, Prism Connect is the only PMS software platform that delivers a comprehensive business solution that is easy for any front desk staff to use. Once the data is uploaded, Prism Connect seamlessly integrates the needs of the audiologist, management, patient and marketing. Prism Connect also provides a link (“Prism ENT”) between an electronic medical record (EMR) system, containing patient’s medical history, giving the audiology clinic a “Best-In-Class” PMS, while seamlessly integrating the schedule and patient files of the clinics patient management platform. EMR systems are not designed for Audiology and the records are often not integrated. Prism ENT solves that problem by linking the two platforms.
Another division of AUDserv is the Prism Buying Group (“PBG”). PBG has in place agreements with most of the major hearing aid manufactures for discounts on hearing aids and hearing aid related accessories and has established an expandable revenue program of consistent transactions of products and services.
Matt Moore, INND CEO states, “the recent acquisition of Sycle LLC for their Sycle.net SaaS based PMS audiology management system, by Cochlear Ltd. for $78 million was not lost on us. We believe the business metrics that drove that valuation are achievable by INND.” He goes on to add “this propels our scalable business model, adds revenue and a strong and growing client base, critical infrastructure and industry talent to rapidly grow this business. This is truly a complimentary acquisition.” Charlie Stone, Doctor of Audiology (“Au.D.”), a AUDserv stakeholder and a Hearing Industry Icon states, “Today, AUDserv has chosen to join forces with INND and the co-founders, Matt Moore and Mark Moore, to expand the original vision and mission for AUDserv and Prism. We believe INND has the ability and the passion to work with myself and other stakeholders of AUDserv to expand Prism Connect, the Prism Buying Group, and Retail expansion throughout the country. Personally, I look forward to working together with INND in growing this synergistic relationship between INND and AUDserv.”
About InnerScope Advertising Agency, Inc.
InnerScope Advertising Agency, Inc. (OTCQB: INND) is a Nevada Corporation incorporated in June 2012, with its principal place of business in Roseville, California. Initially formed to monetize the experience of our founders in generating traffic through the front doors of hearing aid dispensing practices by providing advertising and marketing and design services that are unique to the industry. The company also provides consulting services including store set-up, customer relations management and sales techniques, all to take advantage of the customers acquired in the course of the advertising and marketing campaigns. The Company has created the “Alliance” program, enabling independent hearing aid practitioners to leverage their collective purchasing power of hearing devices by grouping together and aggregating their purchases. INND plans to become a leader in audiology protocols that address auditory processing disorders in children, as well as the cognitive and balance needs of the aging population. We already provide auditory rehab training utilizing our interactive computer-based software program called Aware™, a self-assessment and training module that helps individuals work through simple to difficult auditory skills. The Company is dedicated to serving the audiology and the retail hearing aid dispensing community and have developed a program to contribute to various hearing aid focused charities. For more information, please visit www.innd.com
About AUDserv, Inc.
AUDserv, Inc. is a Delaware Corporation incorporated in September 2011, with its principal place of business in Plymouth, Minnesota. AUDserv is comprised of a seasoned team of professionals with many years of experience in the hearing aid industry, including successful operations in hearing aid manufacturing and retail store management. The team members have specialty skills in clinical audiology, extended warranty and loss replacement insurance for hearing devices, office management, clinical sales skills, business and accounting, as well as, all forms of retail marketing. Our collective business acumen and focus on excellence in practice has provided us with a reputation of dedication and integrity within the industry. In addition, members sit on the Board of Directors of several Au.D. university programs and have ties to professional organizations representing the industry. AUDserv has 3 operating divisions, PRISM Connect (a SaaS based Patient Management System “PMS”), PRISM Buying Group, and Hearing Aid Clinic Retail Expansion. On PRISM Connect, AUDserv offers a unified software and marketing package that securely stores a clinic’s crucial patient data, while helping the clinic foster strong patient relationships and positive customer service experiences. By using AUDserv Software-as-a-Service (SaaS) approach, the clinic will be able to fully leverage the power of their patient database. Prism’s mission is to expand market share of its proven software while adding peripheral profit centers in marketing, accounting, office management and sales staff training. For more information, please visit www.prismhearingsolutions.com
InnerScope Advertising Agency, Inc.
Link to article: http://markets.businessinsider.com/news/stocks/InnerScope-Advertising-Agency-Inc-Announces-LOI-to-Acquire-AUDserv-Inc-1002274754