Australian healthcare technology company Beamtree has entered into a binding agreement to fully acquire Potential(x), a health and human data analytics firm based in Surry Hills, New South Wales.
Valued at A$19.6 million ($14 million), the deal will see Beamtree paying Potential(x) A$4 million in cash and providing a total of 30 million shares. The shares will comprise 12.7 million ordinary shares and 6 million performance shares, while the remaining 11.3 million shares will be deferred for two years as security against any warranty and indemnity claims.
WHY IT MATTERS
Potential(x) provides comparative analytics to healthcare providers to support improvements in quality and value of care. Other services it offers include health data collection, standardisation and benchmarking of clinical and financial outcomes.
To date, it serves over 300 healthcare providers, including 35 large disability centres. The company is also the full-service operator for the Health Roundtable, a benchmarking and hospital improvement cooperative of 200 hospitals across Australia, New Zealand and the Abu Dhabi Health Services Authority.
Beamtree’s acquisition of Potential(x) will make it one of Australia’s largest health analytics and decision support platforms, the company said in a media statement. The NSW-based company’s absorption will help accelerate Beamtree’s growth in new global markets and adjacent sectors, as well as add value and market access for its solutions and software.
Their transaction is still subject to certain customary conditions; its completion is expected by the end of September this year.
THE LARGER TREND
Beamtree recently announced its acquisition of another healthcare analytics firm, Ainsoff, for A$1 million ($725,000). This deal will see the latter’s three ready-for-market software applications integrated into the company. As part of the transaction, Ainsoff founders Dr Levi Bassin and Dr David Bell will join Beamtree as its senior technical and clinical advisors.
ON THE RECORD
“This agreement marks a major milestone in the growth opportunity for Beamtree – it doubles the size of the company by revenue and employee numbers and makes it one of the largest health analytics and decision support platforms in Australia,” Beamtree CEO Tim Kelsey said.
“We are thrilled to be bringing together two specialist big data technology pioneers who have long, proven histories in supporting [the improvement of] health outcomes in Australia and around the world. We will be bringing our brilliant teams together who have complementary skills, expertise and a collective vision to put data and technology to best use for improving the quality and value of global health and human services,” Potential(x) CEO Duane Attree also stated.