Canadian software company VitalHub has consented to the proposed terms for a cash purchase of the entire issued and forthcoming share capital of Induction Healthcare Group.
The acquisition, which is to be executed via a court-sanctioned scheme of arrangement, values Induction at approximately £9.7m ($12.73m).
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Each shareholder of the company will receive £0.10 in cash for every share held.
Induction delivers software solutions that focus on patient experience and healthcare delivery via hospitals.
Its primary products, Zesty and Attend Anywhere, are designed to facilitate remote and face-to-face healthcare services.
Patient engagement platform Zesty integrates with hospital systems to offer smart appointment management and digital services while Attend Anywhere provides secure video consultation capabilities.
The acquisition is seen as a strategic move by VitalHub to complement and broaden its product offering.
The integration of Zesty is particularly anticipated to add value to VitalHub’s asset portfolio.
In addition, the acquisition presents VitalHub with the opportunity to expand its product reach into new markets, including the UK, Canada, Europe, the Middle East, and Australia.
Induction is also expected to benefit from joining a larger global enterprise.
The deal is set to be finalised by 31 July 2025, with a final cut-off date of 30 September 2025.
Induction’s financial performance for the year ended 31 March 2024 showed revenues of £14.4m, a gross margin of 78.4%, and an adjusted EBITDA loss of £0.3m.
Zesty and Attend Anywhere contributed £4.9m and £8.8m in revenues, respectively.
Edwin Coe will serve as VitalHub’s legal adviser while Cavendish Capital Markets is the financial adviser for the acquisition.
In July 2024, VitalHub consented to the acquisition of MedCurrent, a provider of clinical decision support systems, for a sum that could reach up to C$34m.
