RNS Number : 3742S
Induction Healthcare Group PLC
06 November 2019
6 November 2019
Induction Healthcare Group PLC
("Induction", the "Company" or the "Group")
Acquisition of Horizon Strategic Partners Limited
Extends Company's growing user base and global reach
Induction Healthcare Group PLC, a leading healthcare technology company focused on helping to streamline the delivery of care, announces that it has today acquired Horizon Strategic Partners Limited ("Horizon").
Horizon owns MicroGuide - a revenue-generating app providing medical organisations with functionality to create, edit, and publish their own local medical guidelines ("Guidelines") in a secure and locally administrated environment. These guidelines can be accessed by clinicians, at the point of care, either on a mobile device or an intranet.
Since its launch in 2013, MicroGuide has grown to be the 'go-to' source for guidance on antimicrobial use and the most used guidelines app in the NHS. Today, MicroGuide is paid for and used in approximately half of all NHS Trusts and three quarters of Acute Trusts.
For the year ended 31 December 2018, Horizon reported revenue of £220,640 and a net loss before tax of £560,512, with a net liability position of £554,674 as at 31 December 2018. Since then, the business has entirely focussed on its MicroGuide app and scaled back other operations and as a result has moved to a break even position in the quarter ended 30 September 2019.
Under the terms of the acquisition, the Group will purchase Horizon for a total consideration of up to £2.5 million, comprising an initial payment of £1 million and deferred contingent consideration of up to £1.5 million which can be settled for cash and Induction shares determined by performance deliverables before 30 September 2020.
Ibs Mahmood, CEO of Induction, said:
"MicroGuide brings to the Group a further substantial NHS user base. For healthcare professionals in many NHS Trusts, the Induction Switch app and MicroGuide already rank respectively as either the number one or number two most used healthcare apps. At Induction we are fanatical about helping healthcare professionals deliver care. So, combining the two apps will not only improve existing functionality but also provide an even stronger platform for rolling out new functionality to ease the daily-grind for healthcare professionals worldwide".
Mike Northall, CEO of Horizon, said:
"Both companies share a vision of providing mobile solutions to the healthcare community. The combined platform will broaden access to medical information giving clinicians the latest information where and when they need it, empowering them to deliver more effective and improved patient outcomes.
The transaction is also good news for our clients as being part of a larger Group will enable us to expand our MicroGuide services portfolio and provide the other products and services being developed by Induction."
