VitalHub Corp. Announces Acquisition of Beautiful Information
TORONTO, Jan. 27, 2022 (GLOBE NEWSWIRE) — VITALHUB CORP. (TSX: VHI) (the “Company” or “VitalHub”) is pleased to announce today that it has acquired (the “Acquisition”) Beautiful Information Limited (“Beautiful Information” or “BI”), a company incorporated and registered in England and Wales.
VitalHub has acquired Beautiful Information, via a share acquisition by its wholly-owned subsidiary, The Oakgroup (UK) Limited, for a total purchase price of £1,550,000, subject to any post-closing working capital adjustments. The purchase price was satisfied by payment of £1,386,059 in cash and the issuance of 90,266 shares of VitalHub to the shareholders of Beautiful Information (the “Share Consideration”). The Share Consideration was calculated at a price of $3.026 per VitalHub share and represents total value to the vendors of £163,941.
For the 12-month period ending December 31, 2021, Beautiful Information has estimated revenue of approximately £1,000,000, of which the Company anticipates £600,000 to be recurring in nature.
Beautiful Information was founded as the first NHS/private partnership of its kind, supported in its development by Kent Surrey Sussex Academic Health Science Network, East Kent Hospitals University NHS Foundation Trust and Ashford St Peters NHS Foundation Trust. BI offers unique real-time information to NHS trusts to help them plan and resource clinical services to meet hourly fluctuations in patient flow, and provides their solutions across a range of UK NHS organizations.
BI solutions will be added to an existing portfolio of VitalHub patient flow product offerings, creating a more robust suite of operational visibility and efficiency products.
Dan Matlow, VitalHub CEO, commented on the Acquisition stating “adding Beautiful Information’s solutions to our existing suite of Patient Flow and operational visibility products will serve to increase our customer base, while expanding our technology and advisory capabilities. The BI team brings extensive healthcare data expertise across the NHS and when combined with our existing Alamac and Transforming Systems products, creates strong synergies that position VitalHub as the leader in the UK for these types of solutions. We look forward to continuing to sell this integrated product suite across this NHS, while simultaneously leveraging these tools across our commercial footprint.”
Dr. Marc Farr, Founder of Beautiful Information adds that “combining Beautiful Information, Transforming Systems and Alamac creates, for the first time, an organization that can track in real-time the clinical journey of the patient at the individual level and aggregate it to provide a regional and national view of flow and system pressure. We believe that putting this information in the hands of operational managers will create a new opportunity to alert more quickly on how resources can be flexed at any time to reduce system inefficiencies before they occur.”
ABOUT BEAUTIFUL INFORMATION LIMITED
Beautiful Information offers unique real-time information to NHS trusts to help them plan and resource clinical services to meet hourly fluctuations in patient flow. Beautiful Information has used information tools and their own understanding of how hospitals work to develop these solutions that give hospital managers and clinicians a real-time view of activity. This has been achieved by adopting a strategy of elevating Information Management above Information Technology.
Software for Health and Human Services providers designed to simplify the user experience & optimize outcomes.
VitalHub provides technology to Health and Human Services providers including; Hospitals, Regional Health Authorities, Mental Health, Long Term Care, Home Health, Community and Social Services. VitalHub solutions span the categories of Electronic Health Record (EHR), Case Management, Care Coordination, Patient Flow & Operational Visibility, and DOCit Mobile Apps.
The Company has a robust two-pronged growth strategy, targeting organic growth opportunities within its product suite, and pursuing an aggressive M&A plan. Currently, VitalHub serves 275+ clients across Canada, USA, UK, Australia, Qatar, and Latvia. VitalHub is based in Toronto, Canada, with an offshore development hub in Sri Lanka. The Company is publicly traded on the TSX under the symbol “VHI”.
Chief Executive Officer, Director
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release contains “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking information generally refers to information about an issuer’s business, capital, or operations that is prospective in nature, and includes future-oriented financial information about the issuer’s prospective financial performance or financial position.
The forward-looking information in this news release includes reference to disclosure about the terms of the Acquisition, about Beautiful Information, including its historical revenue and future recurring revenue, and about potential synergies among existing offerings in the issuer’s UK Patient Flow products. VitalHub made certain material assumptions, including but not limited to: prevailing market conditions; general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the ability of VitalHub and Beautiful Information to execute and achieve its business objectives, to develop the forward-looking information in this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Actual results may vary from the forward-looking information in this news release due to certain material risk factors. These risk factors include, but are not limited to: adverse market conditions; the inability of VitalHub and Beautiful Information to successfully integrate operations; reliance on key and qualified personnel; and regulatory and other risks associated with the medical and technology industries in general. The foregoing list of material risk factors and assumptions is not exhaustive.
VitalHub assumes no obligation to update or revise the forward-looking information in this news release, unless it is required to do so under Canadian securities legislation.