OSLO: PatientSky Group has entered into a conditional share purchase agreement for the acquisition of all the shares in Infodoc AS and Acino AS (jointly, “Infodoc”), a news release said.
Infodoc, founded in 1979, is a leading e-health provider currently present in Norway and headquartered in Bergen. The company provides electronic health records (EHR) to general practitioners, specialists and public health centres, and thereby enabling improved efficiency and patient experience.
“PatientSky is positioning itself to be the preferred platform for healthcare, upon which third party vendors can build applications that both work within the ecosystem in the platform and as stand-alone applications. By acquiring Infodoc we further increase the attractiveness of our PaaS solution,” Johan Zetterström, Group CEO of PatientSky comments.
Zetterström further adds, “Our mission is to provide new, better, faster and cheaper patient care through our revolutionary and innovative cloud platform. The acquisition of Infodoc takes us one step closer on delivering on our mission, and with potential strategic partnerships we are closer to be able to deliver more coordinated healthcare for the benefit of patients.”
PatientSky has entered into a conditional share purchase agreement for the acquisition of all the shares in Infodoc.
The agreed enterprise value of Infodoc in the transaction is approx. NOK 280 million, on a cash-free and debt-free basis and assuming a normalised level of working capital. The enterprise value is based on an estimated revenue for 2020 of NOK 57 million, implying an EV/sales multiple of 4.9.
The purchase price under the transaction is, subject to customary adjustments, expected to be settled in cash upon closing.
The completion of the acquisition is subject to customary closing conditions, including, without limitation, that the buyer shall have completed a due diligence review of Infodoc with a satisfactory result to the buyer (in its sole discretion), no material adverse change having occurred, required third party approvals being obtained as well as certain other conditions. The transaction is expected to close during Q4 2020.
Advokatfirmaet Thommessen is acting as legal advisor to the Company in connection with the transaction.
PatientSky, founded in 2014 to innovate e-health, is a cloud-based SaaS (Software as a Service), PaaS (Platform as a Service) and IaaS (Infrastructure as a Service) company delivering solutions to the health care industry (both practitioners and patients).
The Group’s main products are the PatientSky 360 Platform and EHR systems, including other similar administration services. At the core of the Group’s business is the PatientSky 365 Platform, which is a platform that provides all the necessary building blocks for rapid development of highly scalable healthcare software.
PatientSky has an open platform and EHR system, enabling an ecosystem in which healthcare providers can communicate with each other using one system, and in which data can be aggregated and consumed on a higher level.