VitalHub Corp. Announces Acquisition of Certain Assets to Maintain the Business of ADI Health
TORONTO, Nov. 04, 2022 (GLOBE NEWSWIRE) -- VitalHub Corp. (the “Company” or “VitalHub”) (TSXV: VHI) (OTCQX:VHIBF) is pleased to announce today that it has acquired certain assets to maintain the business of Advanced Digital Innovation (UK) Limited trading as “ADI Health” with the product widely known as “MyPathway” (the “Acquisition”).
The assets were sold to two of VitalHub’s wholly-owned subsidiaries, MyPathway Solutions Limited and Intouch with Health Limited (“Intouch”) after ADI Health was placed into Administration by its directors after over £3 million pound sterling had been invested into the development of the technology since 2020. VitalHub will be making various payments totalling approximately £250,000 in cash to complete the transaction.
The transaction includes seven NHS customers across England and Wales novated to Intouch, who will be ensuring there is no interruption to existing services. The seven customers represent an annualized recurring revenue (“ARR")(1) of £373,609. Not included in the previous ARR figure is professional services work that was historically billed to customers and will continue to be offered. Six of the employees along with other services were transferred to VitalHub to ensure continuance of services.
ADI Health developed the “MyPathway” digital health platform which is used to improve patient interactions during treatment for long term conditions as well as those individuals visiting acute facilities for shorter term elective or outpatient services. “MyPathway” supports the entry point of a patient’s journey through a facility including ongoing communications between patient and clinical teams prior to, during, or after a visit. VitalHub views this acquisition as highly synergistic with the Intouch and Synopsis patient flow solutions and Hicom’s Diamond and Twinkle diabetes-oriented solutions.
“MyPathway” is a straightforward, adaptable patient engagement platform, that puts the patient at the centre of their healthcare journey. The “MyPathway” platform offers functionality which will greatly benefit VitalHub, including:
Appointment Management with reminders and other relevant information
Digital Letters
Digital Triage
Patient Cohort Management to search for cohorts of patients and action specific activities or send bulk messages
Remote Monitoring
Self-referral by patients
Supported Self-Management which empowers patient to manage their ongoing conditions themselves
Virtual Clinics
Dan Matlow, VitalHub CEO, commented on the Acquisition, stating,
“This acquisition synergistically strengthens our existing digital patient flow offerings, through the addition of a patient engagement platform that enables the patient to more fully participate in their care journey,” said Dan Matlow, CEO of VitalHub Corp. "Adding 'MyPathway', ADI Health’s flagship product, alongside our award-winning products from Intouch with Health and Synopsis, complements and extent the breadth of our existing offerings, further positioning VitalHub as the UK leader for digital patient flow solutions.”
“We are very pleased to have found a partner in VitalHub and we look forward to our new journey as part of VitalHub UK. We believe the integration with VitalHub’s broader product suite of software enriches ADI Health’s existing Business, providing the opportunity to improve patient pathways and significantly elevate the patient experience,” said Judith Clarkson, Commercial Director of MyPathway.
(1) The Company defines annual recurring revenue (ARR) as the recurring revenue expected based on yearly subscriptions of the renewable software license fees and maintenance services.
ABOUT VITALHUB
Software for Health and Human Services providers designed to simplify the user experience and 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 & Optimization, and Patient Flow & Operational Visibility solutions.
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 more than 400 clients across Canada, USA, UK, Australia, the Middle East, and Europe.
VitalHub is based in Toronto, Canada, with an offshore development hub in Sri Lanka. The VitalHub team comprises more than 300 team members globally. The Company is publicly traded on the Toronto Stock Exchange (TSX) under the symbol "VHI" and on the OTC Markets OTCQX Exchange under the symbol “VHIBF”.
CONTACT INFORMATION
VitalHub Corp.
Dan Matlow
Chief Executive Officer, President
(416) 727-9061
dan.matlow@vitalhub.com
CAUTIONARY STATEMENT
This press release includes forward-looking statements regarding the Corporation and its business, which may include, but is not limited to, statements with respect to the appointment of a new directors. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of the management of each entity and are based on assumptions and subject to risks and uncertainties. Although the management of each entity believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release, may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the companies, including risks regarding the technology industry, failure to obtain regulatory or shareholder approvals, market conditions, economic factors, the equity markets generally and risks associated with growth and competition. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Corporation undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.