MELBOURNE: Alcidion Group Limited has acquired ExtraMed, a leading UK NHS provider with a 20+ years track record specialising in providing patient flow management software that helps frontline staff make informed decisions based on real-time visibility of patient flow.
The acquisition will see Alcidion become the leader in the UK market for patient flow, adding nine NHS Trusts, six of which are new to Alcidion.
This will increase the Company’s overall presence to 27 NHS Trusts, representing a market share of ~19% of the NHS acute care market, and providing further touchpoints from which to cross-sell the broader Alcidion product suite.
Furthermore, ExtraMed, in partnership with Hitachi Consulting (as the lead contractor), has signed a large-scale healthcare IT contract to build the UK’s first fully integrated hospital-wide Digital Command Centre for initial deployment at Salford Royal NHS which is part of the four hospital Northern Care Alliance NHS Group.
The partnership will also provide opportunities for Alcidion to position Miya Precision within the emerging Digital Command Centre offering.
ExtraMed is forecast to contribute, based solely on existing contracts, FY22 revenue of $2.7M, generating EBITDA of $0.5M and positive cash flow. Alcidion has acquired ExtraMed for £5.3M (A$9.6M1) on a cash free / debt free basis, with the entire consideration paid up front, in cash.
ExtraMed’s Patient flow management software – a well-accepted platform designed for the UK market – is complementary to the Miya Precision suite, being already integrated to Miya Observations at two Trusts and soon to be integrated at a third.
The acquisition creates new cross-sell opportunities for Alcidion, as ExtraMed’s customers will benefit from the ability to access an integrated digital platform that supports decision making, resource management, patient observation and clinical communication.
Similar to the Alcidion suite, the ExtraMed patient flow software is able to overlayed on top of legacy hospital systems.
Kate Quirke, Managing Director of the Alcidion Group said, “This acquisition significantly strengthens our position in the UK and signals our commitment to this very important market. We are delighted to welcome the highly experienced ExtraMed team of 11 staff, as well as new customers, as we continue to transform the delivery of healthcare with smart technology solutions.
“In combining our customer bases and the established solutions of ExtraMed and Patientrack alongside Miya Precision, we are creating a strong competitive advantage and the opportunity for further growth as we look to introduce our Miya product range to these new customers. The combination of our technologies, staff and customers establishes Alcidion as the UK market leader for patient flow and as a foundation platform for digital command centres.”
Lynette Ousby, UK Managing Director for Alcidion, said: “Bringing ExtraMed and its team of experts in patient flow into the Alcidion Group is a fantastic opportunity to further enhance how we work with hospitals across the UK. The combination of our capabilities and our expanding partner network opens up exciting possibilities as we continue to grow our offering to help NHS hospitals and integrated care systems that want to advance digital maturity by complementing and orchestrating their existing systems.“
Existing ExtraMed customers will benefit from the knowledge and experience we have in developing and delivering technological systems that improve patient care, while current Alcidion customers may take advantage of the expertise ExtraMed has in patient flow, in ensuring that each patient journey through the hospital from pre-admission to post-discharge is optimised.
Susan Say, Managing Director of ExtraMed, said: “The Alcidion Group is a perfect home for ExtraMed, as we join a clinically driven organisation with a strong history grounded in patient safety and digital innovation. We look forward to expanding what we can do for our existing customers and other hospitals in the NHS.”