Induction Healthcare Group PLC Acquisition of Horizon Strategic Partners Limited (3742S)
06 Novembre 2019 - 8:00AM
UK Regulatory
TIDMINHC
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
GBP220,640 and a net loss before tax of GBP560,512, with a net
liability position of GBP554,674 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 GBP2.5 million,
comprising an initial payment of GBP1 million and deferred
contingent consideration of up to GBP1.5 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."
-Ends-
ENQUIRIES
Induction Healthcare Group PLC via FTI Consulting
Ibs Mahmood, Chief Executive Officer
Numis Securities (Nominated Adviser and
Broker)
James Black / Freddie Barnfield / Huw Jeremy
/ Matthew Jones +44 (0) 207 260 1000
FTI Consulting
Brett Pollard / Jamie Ricketts / Elena
Kalinskaya / Sam Purewal / Mary Whittow +44 (0) 203 727 1000
About Induction
Induction Healthcare Group PLC is a leading healthcare
technology company focused on helping healthcare professionals to
streamline the delivery of care. The Group's technology enables
healthcare professionals to save time and deliver care more
effectively and to identify ways to allocate resources more
efficiently.
The Group initially targeted improving the way healthcare
professionals communicated with each other through its Induction
Switch app that provides a telephone directory (allowing healthcare
professionals to easily find extension telephone numbers),
messaging and an administration portal (to share and view hospital
guidelines), all in a secure and regulatory compliant setting.
As at 19 September 2019, the Induction Switch app had registered
users surpassing 100,000, most of which are UK hospital
doctors.
About MicroGuide
MicroGuide is the world's number one medical guidelines
application. It is used in 130 medical organisations and has over
140,000 users in 173 countries around the world. With 750 content
editors, MicroGuide's 50 different types of locally administered
guidance range from antimicrobial to wound formulary and emergency
medicines to oncology and pain management. In May 2015 MicroGuide
was awarded the CE Mark, a certification mark that indicates
conformity with health, safety, and environmental protection
standards for products sold within the European Economic Area, and
officially became a Medical Device. It is now consistently in the
top 10 of professional medical Apps downloaded.
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END
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