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(Alliance News) - Induction Healthcare Group PLC on Tuesday said it has entered into a conditional share purchase agreement to buy digital healthcare patient engagement platform company Zesty Ltd.
The health-focused technology firm said it will acquire the company through GBP500,000 in cash and the issue of 12.4 million shares.
Zesty's platform allows patients to manage their hospital outpatient appointments, read their administrative and clinical correspondence, attend a video based consultation and store a personal copy of their clinical record.
For 2018, Zesty posted pretax loss of GBP510,000 on revenue of GBP1.0 million. Net assets as at December 31, 2018 were valued at GBP330,000.
Following the acquisition, Zesty Chief Executive James Balmain will be hired as joint CEO, sharing the leadership role with Induction's current CEO Hugo Stephenson. Zesty Executive Chair Andrew Williams will be hired to the board.
Induction Healthcare Chief Business Officer Ibrahim Mahmood will step down from the board but will continue in a business development role, primarily focused on mergers & acquisitions and fundraising.
Balmain has extensive technology experience and relationships with NHS Trust C-suites and Williams has extensive experience and connections in healthcare IT including having been chief executive of NHS Digital, Induction Healthcare said.
"Zesty has demonstrated that it can improve patient experience while saving hospitals time and money through its market leading patient portal and outpatient bookings engine. In the process, Zesty has solved the problem of integrating with different electronic patient record systems. Connecting the most used app by NHS doctors (Induction) and the most used app by NHS trusts (MicroGuide) with patients and their health records, has the potential to deliver the right resources to the right places at the right time," said Stephenson.
Induction Healthcare shares were untraded on Tuesday afternoon in London, last quoted at 98.00 pence each.
By Ife Taiwo; ifetaiwo@alliancenews.com
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