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IMImobile acquiring Healthcare Communications
Posted on Thursday, 07 December 2017 14:08
British online mobile communication software-as-a-service provider IMImobile is buying Macclesfield, UK-based Healthcare Communications UK for GBP 9.00 million.
Further additional earn-out payments of GBP 6.00 million in cash and shares will be deferred over two years, dependent upon the achievement of certain performance milestones.
The deal, which is expected to increase earnings for the year ending 31st March 2018, will be financed through existing cash and a new GBP 12.00 million debt facility from Silicon Valley Bank.
Healthcare Communications collates and analyses medical surveys as well as sending appointment reminders and follow-up notifications through its internal Envoy software platform.
For the year ending 30th April 2017, it recorded revenue and adjusted earnings before interest, taxes, depreciation and amortisation of GBP 3.60 million and GBP 400,000, respectively.
The target works with 140 NHS organisations and more than 4,000 of the health service’s staff use the Envoy software every day.
It delivers over 100.00 million secure patient communications annually, via text messages, phone calls, letters and emails.
Headquartered in High Wycombe, UK, IMImobile enables businesses to utilise digital and mobile technology to communicate and engage with their customers.
It reported profit after tax of GBP 4.10 million on a statutory basis for the year ending 31st March 2017, nearly doubling the GBP 2.20 million posted for 2016.
This improvement can be attributed to the deployment of cloud-based, self-serve platform Textlocal, which was acquired in October 2014, in Myanmar, along with its growth in the UK and Indian markets.
Chief executive Jay Patel said that the UK healthcare market is “a sector which has seen a renewed focus on operational efficiency and patient experience” and that the purchase will allow them to “automate and streamline many existing processes and patient journeys”.
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