Induction Healthcare Group plc:
Acquisition of Attend Anywhere Pty Ltd and Placing raising £25 million
Induction Healthcare is pleased to announce that it has today completed the acquisition of Attend Anywhere Pty Ltd (“Attend Anywhere”) (the “Acquisition”). The cash consideration of approximately £16.35 million includes approximately £0.79 million as payment for Attend Anywhere’s net assets at completion.
As part of the transaction, Induction also announces that Singer Capital Markets has coordinated the Placing raising £25 million (before expenses) by way of the issue of 35,714,285 new Ordinary Shares at the Placing Price of 70 pence each. Part of the proceeds of the Placing will be used to fund the Cash Consideration in respect of the Acquisition and the remainder will be used to provide the Group with additional working capital.
James Balmain, Induction Joint CEO, commented:
“We are delighted to complete the acquisition of Attend Anywhere which is the latest development 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.”
Hugo Stephenson, Induction Joint CEO, added:
“I am delighted to welcome Attend Anywhere CEO Chris Ryan and his team to be part of the exciting future for Induction as we work together to create an all-encompassing virtual care platform that can be used at scale so that our healthcare systems can work better. Coming together provides us with a strong market position in a significant area of growth and investment. It also gives the enlarged Group good forward visibility, with £9.5m in contracted revenue for our current financial year ending March 2022.
“We are very pleased with the support from existing and new investors and we look forward to updating shareholders as we deliver on our integration plan and growth strategy. We are particularly excited about taking a UK platform, used at scale, and exploring its potential in new markets that look to the UK as a digital exemplar, and face similar challenges dealing with long waiting lists and limited space for seeing patients as healthcare systems try to open up after vaccination roll-outs.”
Chris Ryan, Attend Anywhere CEO, commented:
“The Attend Anywhere model for mainstream, business-as-usual video consultations for health services has been proven at scale. We see a great many synergies with the Induction team, its ethos, products and services. This includes accelerating the development of integrated solutions and services that underpin modern health care delivery, and expanding our operational capabilities and footprint in the UK and in Europe as well as Australia, Asia and elsewhere.”
Singer Capital Markets is acting as Nominated Adviser and Sole Bookrunner to Induction Healthcare Group plc.
About Induction Healthcare Group plc
Induction is a leading virtual care platform driving digital transformation of healthcare systems worldwide. Induction solutions enhance the investments hospitals have made and lay the foundation for their future.
Their products can enable information share between busy doctors, alleviate operational burdens on hospitals or put patients in better control of their care, all while ensuring the highest standards of clinical safety and information security. More than 225,000 hospital doctors across multiple territories, including the UK, Ireland, Australia and South Africa, as well as a rapidly growing number of more than 220,000 UK patients, choose Induction solutions.
Market Cap: £61.82 million*
Website: Click here
*As at 09/06/2021