VitalHub Corp. Announces Acquisition of Premier I.T. Partnership Limited
TORONTO, June 10, 2024 (GLOBE NEWSWIRE) -- VitalHub Corp. (TSX: VHI) (OTCQX: VHIBF) (the “Company” or “VitalHub”) is pleased to announce that it has acquired (the “Acquisition”) Premier I.T. Partnership Limited (“Premier IT”), a company incorporated and existing under the laws of England and Wales.
Premier IT offers market-leading workforce planning, development and performance solutions for the healthcare sector that optimizes the deployment of resources, improves transparency and fairness, and ensures that staff can spend more time safely and confidently doing the things that matter. These solutions encompass appraisal and revalidation needs for doctors and nurses, multi-source feedback, e-rostering, job planning, and healthcare compliant learning management systems (LMS) solutions. Premier IT proudly provides these services to over 125 customer organizations empowering thousands of daily users in the United Kingdom.
VitalHub acquired Premier IT from its shareholders for a cash payment of £2,166,718, with an additional opportunity to earn up to £472,849 over the course of two (2) years post Acquisition by achieving specific financial milestones. A portion of the proceeds will be held in escrow following closing of the Acquisition.
As of the Acquisition, Premier IT had estimated annualized contracted revenues of £1,300,000 of which substantially all were identified to be recurring in nature from its wide-ranging customer base (these amounts are unaudited), which underscores the Acquisition's strategic fit within VitalHub's portfolio.
“With this Acquisition, we are excited to expand upon our robust suite of healthcare and workforce automation products while strengthening our relationships with all of our combined healthcare customers in the United Kingdom,” said Dan Matlow, CEO of VitalHub. “In particular, there are strong synergies with our Hicom subsidiary which offers leading healthcare and workforce automation solutions. Premier IT’s exceptional healthcare-compliant LMS solution presents a tremendous opportunity for cross-market penetration in all our geographies which should drive further growth and innovation. We welcome the Premier IT team to Team VitalHub!”
“Joining VitalHub marks a new chapter for us that promises enhanced capabilities and broader reach,” said Ian West, Chairman of Premier IT. “This partnership leverages our combined strengths to significantly impact healthcare operations and patient care across the UK. We are eager to integrate our expertise with VitalHub's resources and look forward to a future of shared success.”
ABOUT PREMIER IT
Formed in 1995 and based in England, Premier I.T. Partnership Limited specializes in market-leading solutions for the healthcare sector that optimizes the deployment of resources, improves transparency and fairness, and ensures that staff can spend more time safely and confidently doing the things that matter. Premier IT serves 125+ organizations throughout the United Kingdom with its 16 team members based in England.
ABOUT VITALHUB
Software for Health and Human Services providers designed to simplify the user experience and optimize outcomes.
VitalHub is a leading software company dedicated to empowering Health and Human Services providers. Our clients include hospitals, regional health authorities, mental health and addictions services providers for children and adults, long-term care facilities, home health agencies, correctional services, and community and social services providers.
VitalHub’s comprehensive suite of SaaS solutions include:
- Electronic Health Record (EHR), Case Management, Care Coordination, and Optimization
- Patient Flow, Operational Visibility, and Patient Journey Optimization
- Workforce Automation
The Company has a robust two-pronged growth strategy, targeting organic growth opportunities within its product suite, and pursuing an aggressive M&A plan. Currently VitalHub serves more than 1,000 clients across Canada, USA, UK, Australia, the Middle East, and Europe.
VitalHub is based in Toronto, Canada, with an offshore development hub in Sri Lanka. The VitalHub team comprises more than 400 team members globally. The Company is publicly traded on the Toronto Stock Exchange (TSX) under the symbol “VHI” and on the OTC Markets OTCQX Exchange under the symbol “VHIBF”.
CONTACT INFORMATION
VitalHub Corp.
Dan Matlow
Chief Executive Officer, Director
(416) 727-9061
dan.matlow@vitalhub.com
CAUTIONARY STATEMENT
This news release contains "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking information generally refers to information about an issuer's business, capital, or operations that is prospective in nature, and includes future-oriented financial information about the issuer's prospective financial performance or financial position. The forward-looking information in this news release includes reference to disclosure about the terms of the Acquisition, about Premier IT, including its historical revenue and future recurring revenue, and about potential synergies among existing offerings in the issuer’s patient flow products as well as the potential for the international application of Premier IT’s product. VitalHub made certain material assumptions, including but not limited to: prevailing market conditions; general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the ability of VitalHub and Premier IT to execute and achieve its business objectives, to develop the forward-looking information in this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Actual results may vary from the forward-looking information in this news release due to certain material risk factors. These risk factors include, but are not limited to: adverse market conditions; the inability of VitalHub and Premier IT to successfully integrate operations; reliance on key and qualified personnel; and regulatory and other risks associated with the medical and technology industries in general. The foregoing list of material risk factors and assumptions is not exhaustive. VitalHub assumes no obligation to update or revise the forward-looking information in this news release, unless it is required to do so under Canadian securities legislation.
