Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of independent medical exam provider ExamWorks Group (NYSE: EXAM) gained as much as 12% in intraday trading today after the company announced a significant acquisition.

So what: As a roll-up of small IMEs, a lot of ExamWorks' strategy revolves around finding and executing acquisitions. After the close yesterday, the company announced that it will be buying MES Group, a Texas-based IME, peer review, and utilization review provider for the auto, disability, liability, and workers compensation markets. ExamWorks is paying $210 million for MES and will get a significant amount of heft. Over the past nine months, MES would have added roughly $100 million to ExamWorks' $170 million in revenue.

Now what: If we annualize the EBITDA contribution that ExamWorks expects to get from MES, the company appears to be paying roughly nine times EBITDA for the acquisition. On an absolute basis, that's not a radically cheap price, but it's not terribly pricey and it's a much lower valuation than what investors are currently awarding ExamWorks' shares. Management expects the acquisition will be accretive to both EBITDA and cash earnings.

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Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.