Vitalhub Corp. Announces Acquisition of Intouch With Health Inc.
VITALHUB CORP., is pleased to announce that it has acquired all the issued and outstanding shares of Intouch with Health Inc., a UK leader for patient flow management solutions.
Through its “Intouch Patient Journey Platform,” Intouch specializes in delivering patient-focused flow management solutions that allow patients to more effectively move throughout a hospital. Intouch has evolved their solutions to support “virtual healthcare” patient interaction placing less reliance on face-to-face interactions. Intouch was founded in 1999 and is headquartered in Cirencester, Gloucestershire, United Kingdom with staff and operations, composed of 38 employees and contractors, located throughout the United Kingdom. Their products are used by over 53 National Health Services (“NHS”) Trusts in the UK representing 130 hospitals. Its solutions are also deployed internationally.
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Total consideration paid by VitalHub in the Acquisition, after a closing net equity adjustment, was approximately £3,850,000 (the “Purchase Price”) which is being paid in cash to the vendors of Intouch on closing of the Acquisition, save for £577,500 which is to be held for the purpose of customary post-closing adjustment and released four (4) months post-closing. In addition to the Purchase Price, the Company has also agreed to certain additional cash payments up to a maximum of £800,000 to the shareholders of Intouch pursuant to an earn-out clause triggered on achievement of certain business milestones of Intouch in the proceeding three (3) year period.
For the trailing 12 month period, as of July 31, 2020, Intouch had (unaudited): total revenue of £3,141,975 including recurring revenue of £1,329,198, profit after tax of £185,261 and Intouch’s cash on hand after a closing net equity adjustment is expected to be approx. £1,284,000 with no debt.
“We are extremely excited to welcome the Intouch team and their solutions to our existing Patient Flow platform. With the advent of virtual healthcare visits growing within hospitals we feel Intouch’s product offering is appropriate and timely and anticipate an immediate impact on our overall business. We have partnered with Intouch already in Canada and look forward to growing this relationship as a single entity,” said Dan Matlow, CEO of Vitalhub.
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“The whole team at Intouch are thrilled to become part of the Vitalhub group and truly believe that by combining with Vitalhub’s existing Patient Flow platform, it will allow both organizations the ability to offer a combined comprehensive suite of solutions to both of our respective customer base. Combined, both organizations have the ability to expand nicely on an international basis. Both organizations know each other from our partnership, and we look forward to building on this relationship,” said Mike Sanders, CEO of Intouch.
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