Med-tech company Induction Healthcare Group is acquiring Attend Anywhere, a video consultation provider, for an initial £15.56 million in cash.
The deal is backed by a £25 million placing of new shares.
The vendors will also receive shares worth a further £10 million and an amount equivalent to the net assets of Attend Anywhere, estimated at £800,000.
Induction stated that it considers Attend Anywhere to be a UK market leader in video consultation in secondary care with a strong NHS footprint and that the acquisition creates a virtual care platform of scale used by more than 200,000 patients. The enlarged group will have £9.5 million in contracted revenue for fiscal year 2022, with over 80% recurring revenues.
Induction’s joint chief executive James Balmain said: “The acquisition of Attend Anywhere is a compelling opportunity in our journey to provide a comprehensive virtual care platform for hospitals, doctors and patients. Attend Anywhere extends our existing product set with a mature video consultation platform already being widely used by NHS hospitals across the UK. Critically, it will also deliver Attend Anywhere customers an even higher standard of user support, technical resilience and customer service, via our existing UK-based infrastructure.
“Induction products will cover not only pre-treatment patient support (including digital correspondence, appointment booking and remote triage) but also the full range of in-person, telephone and live-video consultations. This will help our NHS hospital customers provide maximum flexibility when addressing the daunting challenge of current secondary care waiting lists. We are very excited about our combined offering and the opportunity we have to make life easier for clinical teams and patients by supporting the NHS’s ongoing digital transformation initiatives.”
The stock sale will be conducted by N+1 Singer and Beech Hill will be the US placing agent.
Date published: May 21, 2021