The 1st group health booking platform acquires the telehealth company Visionflex
Telehealth solutions provider Visionflex has signed a merger agreement with ASX-listed online health booking platform 1st Group.
WHAT THEYRE DOING
The telehealth company designs, manufactures and distributes a range of clinical telehealth devices and software that facilitate remote patient examinations.
On the other hand, 1st Group operates the MyHealth1st booking platform where patients can find, book and manage their medical appointments. It runs on smart callback and reminders technology and has auto-booking and electronic reference capabilities. The system is also integrated with market-leading practice management systems. 1st Group also operates a pet services website and online booking platform for businesses and governments.
WHAT IS IT ABOUT
The proposed merger, according to a press release, aims to combine their products to bring to the market a complete and integrated telehealth system for clinicians. This will see the integration of Visionflex’s telehealth diagnostic software and hardware solutions with 1st Group’s MyHealth1st booking portal.
Additionally, companies will explore opportunities beyond healthcare consultations, such as private practice, hospitals, elderly care, home care, regional and other forms of remote care operations. .
“The proposed acquisition of Visionflex will provide substantial operational, financial and strategic benefits to the businesses and synergies for the combined entity,” they said.
Once the acquisition of Visionflex is complete, 1st Group will make an equity placement with Adcock Private Equity, the telehealth company’s largest shareholder, to raise 2.5 million Australian dollars ($1.8 million ) as growth funding for their combined entity. It will subsequently propose a rights offering allowing its investors to subscribe to shares at the same price as the placement.
The acquisition is subject to approval by 1st Group shareholders.
WHY IS IT IMPORTANT
“By combining 1st’s digital patient engagement and online appointment scheduling solutions with Visionflex’s video conferencing software and devices, we are creating a world-class solution to deliver end-to-end telehealth clinical services. to almost anyone, almost anywhere,” 1st Group Managing Director Klaus Bartosch said in a separate statement.
With the planned merger, Visionflex co-founder and CEO Mike Harman said they were “prepared to capitalize on the continued global growth of telehealth.” According to the latest market research conducted by Precedence Research, the global telehealth market, whose value was estimated at $40.3 billion last year, could reach $224.8 billion by 2030, growing at a CAGR of 19% from 2021. The increase in value, according to the report, is mainly due to the increasing adoption of new health technologies during the pandemic.
THE GREAT TREND
In October, 1st Group raised approximately A$1 million ($700,000) following a one-for-three rights bid. It has issued approximately 63.5 million shares worth 1.6 cents each. The capital increase was carried out to execute its strategy for the 2022 financial year.
In the same month, Visionflex and MediRecords announced their partnership for technology integration. The telehealth company combines its Vision videoconferencing platform with the latter’s cloud-based EHR and practice management systems to form a videoconferencing telehealth system. This integration aims to enable remote monitoring of patients via video telehealth using different health monitors.
The following month, 1st Group signed a deal to introduce its booking platform to two hospitals under St. John of God, one of Australia’s largest not-for-profit Catholic hospitals. Visionflex has also partnered with a specialist in digital infrastructure Syndeticom will offer its latest mobile telehealth product, which has been rolled out to health centers in the local health districts of Western NSW and Far West NSW.