Induction Healthcare Group PLC Induction: Horizon achieves earn-out target (4698X)

TIDMINHC

RNS Number : 4698X

Induction Healthcare Group PLC

01 September 2020

1 September 2020

Induction Healthcare Group PLC

("Induction", the "Company", or the "Group")

Induction subsidiary Horizon achieves earn-out target ahead of schedule

Induction, a leading healthcare technology company that helps healthcare professionals deliver better care more efficiently, today announces that Horizon Strategic Partners Limited ("Horizon") has achieved its earn-out target ahead of schedule following its acquisition by the Company, announced on 6 November 2019.

Since acquisition, Horizon's platform MicroGuide has grown revenue and delivered +32.0% YoY growth in registered users and +44% YoY growth in guideline page views as at 27 August 2020.

As part of the purchase agreement and as a result of Horizon achieving its earn-out target, a deferred contingent consideration of GBP1.5 million will be paid in cash.

MicroGuide is the UK market leader, enabling medical organisations to collaboratively create, edit, and publish their own local medical guidelines in a secure and locally administrated environment. The platform helps over 170,000 registered users in multiple territories, including the majority of hospital trusts within the NHS.

ENQUIRIES

 
 Induction Healthcare                               Via FTI Consulting 
 Dr Hugo Stephenson, Joint Chief Executive 
  Officer 
 James Balmain, Joint Chief Executive Officer 
 
 Numis Securities (Nominated Adviser and 
  Broker)                                           [phone] 
 James Black / Freddie Barnfield / Huw Jeremy 
  / Matthew Jones 
 
 FTI Consulting                                     [phone] 
 Jamie Ricketts / Elena Kalinskaya / Sam Purewal 
  / Mary Whittow 
 

About Induction

Induction Healthcare Group PLC is a leading healthcare technology company that helps healthcare professionals deliver better care more efficiently. The Group has three platforms, Induction and MicroGuide, that support healthcare professionals in multiple markets, including the UK, Ireland, Australia & South Africa, plus Zesty, a leading provider of patient portals to NHS Hospitals in the UK.

Induction is the number one healthcare collaboration app in the UK, used by the majority of hospital doctors within the NHS. The app helps over 140,000 registered users in multiple territories to increase productivity and enhance communication by securely sharing phone numbers and bleeps, bookmarks, documents and messages in a clinical setting.

The MicroGuide platform provides medical organisations with the ability to collaboratively create, edit, and publish their own local medical guidelines in a secure and locally administrated environment. The platform helps over 170,000 registered users in multiple territories, including the majority of hospital trusts within the NHS.

The Zesty platform enables patients to manage their care direct from their smartphone. The Zesty patient portal removes the friction from everyday health related tasks, like booking and managing appointments, reading letters digitally and sharing copies of electronic medical records.

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September 01, 2020 02:00 ET (06:00 GMT)