Canadian software company Vitalhub has announced the completion of its previously announced acquisition of Induction Healthcare Group.
The acquisition was finalised through a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.
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Vitalhub consented to the acquisition terms in April, agreeing to a cash purchase that values Induction Healthcare at approximately £9.7m ($13.06m).
Induction is known for its primary products, Zesty and Attend Anywhere, both of which are designed to enhance the patient journey and streamline hospital operations.
Zesty serves as a patient engagement platform, while Attend Anywhere facilitates secure video consultations for healthcare organisations.
For the six months ending on 30 September 2024, Induction reported revenues of £5.4m, with a gross margin of 78.2% and an adjusted EBITDA loss of £0.9m.
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By GlobalDataZesty generated £2m and Attend Anywhere reported £3.2m in revenues, with a small portion from discontinued operations.
During acquisition, Zesty’s annual recurring revenue stood at £2.2m, and Attend Anywhere’s virtual care recurring revenue was at £4.6m.
VitalHub CEO Dan Matlow said: “We see the Induction product set, in particular the Zesty platform, as highly complementary to our current suite of solutions.
“We believe our expanded end-to-end offering will enhance the value to our healthcare partners, improving the end-user experience and patient outcomes.”
Vitalhub’s acquisition of Induction for £0.10 per share aligns with its growth strategy, which includes both organic development and an aggressive approach to mergers and acquisitions.
The company’s product suite serves more than 1,000 clients across the UK, Canada, and other regions, with a workforce of over 500 employees worldwide.
Induction’s software solutions are designed to offer healthcare providers and administrators the ability to deliver care both remotely and face-to-face.
This acquisition not only broadens Vitalhub’s offerings but also aims to give communities more flexibility and ease of access to healthcare services.
