6th Nov 2019 11:04
(Alliance News) - Induction Healthcare Group PLC on Wednesday said it has acquired Horizon Strategic Partners Ltd for up to GBP2.5 million.
Horizon owns MicroGuide - a revenue-generating app providing medical organisations with functionality to create, edit and publish their own local medical guidelines in a secure and locally administrated environment.
The healthcare technology company said the total consideration comprises an initial payment of GBP1 million and deferred contingent consideration of up to GBP1.5 million, determined by performance deliverables before the end of September 2020.
For 2018, Horizon reported revenue of GBP220,640 and a net pretax loss of GBP560,512, with a net liability position of GBP554,674 as at the end of 2018. Induction, however, highlighted that Horizon has moved to a break even position in the quarter ended September 30.
"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," said Induction Chief Executive Ibs Mahmood.
"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," added Mahmood.
Induction shares were untraded on Wednesday in London, last closing at 117.50 pence each.
By Evelina Grecenko; [email protected]
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