Vitalhub Corp. (TSX: VHI) (OTCQX: VHIBF) (the “Company” or “VitalHub”) announced that it has completed the cash acquisition of Induction Healthcare Group PLC (“Induction”) by way of a court-sanctioned scheme of arrangement (the “Acquisition”) under Part 26 of the Companies Act 2006.
For full details related to the Acquisition, please see the circular related to the scheme of arrangement published by Induction on April 17, 2025 and the press release published by VitalHub on April 10, 2025.
Induction delivers a suite of software solutions that transforms care delivery and the patient journey through hospitals. Induction’s primary products are Zesty and Attend Anywhere. Zesty is a patient engagement platform that transforms interactions between patients and care teams. Attend Anywhere is a platform that makes it simple, safe, and secure for healthcare organisations to offer video consultations as a normal part of day-to-day operations.
VitalHub acquired Induction for £0.10 in cash for each Induction share, valuing Induction at approximately £9.7 million. For the most recently reported six-month period ended September 30, 2024, Induction generated revenues of £5.4 million, gross margin of 78.2%, and an adjusted EBITDA(1) loss of £0.9 million. Zesty generated revenues of £2.0 million and Attend Anywhere generated revenues of £3.2 million (£0.2 million of revenues from discontinued operations). As at the Acquisition closing date, Induction’s subscription-based Zesty solution had Annual Recurring Revenue(2) of £2.2 million and Attend Anywhere had virtual care recurring revenue of £4.6 million.
“We see the Induction product set, in particular the Zesty platform, as highly complementary to our current suite of solutions,” said Dan Matlow, CEO of VitalHub. “We believe our expanded end-to-end offering will enhance the value to our healthcare partners, improving the end-user experience and patient outcomes.”