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Vitalhub Corp (2)
Symbol VHI
Shares Issued 43,400,258
Close 2022-11-04 C$ 2.29
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Vitalhub acquires MyPathway for 250,000 pounds sterling

2022-11-04 11:13 ET - News Release

Mr. Dan Matlow reports

VITALHUB CORP. ANNOUNCES ACQUISITION OF CERTAIN ASSETS TO MAINTAIN THE BUSINESS OF ADI HEALTH

Vitalhub Corp. has acquired certain assets to maintain the business of Advanced Digital Innovation (U.K.) Ltd., trading as ADI Health, with the product widely known as MyPathway.

The assets were sold to two of Vitalhub's wholly owned subsidiaries, MyPathway Solutions Ltd. and Intouch with Health Ltd., after ADI Health was placed into administration by its directors after over three million pounds sterling had been invested into the development of the technology since 2020. Vitalhub will be making various payments totalling approximately 250,000 pounds sterling in cash to complete the transaction.

The transaction includes seven NHS customers across England and Wales novated to Intouch, which will ensure there is no interruption to existing services. The seven customers represent an annualized recurring revenue (ARR) of 373,609 pounds sterling. Not included in the previous ARR figure is professional services work that was historically billed to customers and will continue to be offered. Six of the employees along with other services were transferred to Vitalhub to ensure continuance of services.

ADI Health developed the MyPathway digital health platform which is used to improve patient interactions during treatment for long-term conditions, as well as those individuals visiting acute facilities for shorter-term elective or outpatient services. MyPathway supports the entry point of a patient's journey through a facility including continuing communications between patient and clinical teams prior to, during, or after a visit. Vitalhub views this acquisition as highly synergistic with the Intouch and Synopsis patient-flow solutions and Hicom's Diamond and Twinkle diabetes-oriented solutions.

MyPathway is a straightforward, adaptable, patient-engagement platform, that puts the patient at the centre of their health care journey. The MyPathway platform offers functionality which will greatly benefit Vitalhub, including:

  • Appointment management with reminders and other relevant information;
  • Digital letters;
  • Digital triage;
  • Patient cohort management to search for cohorts of patients and action specific activities, or send bulk messages;
  • Remote monitoring;
  • Self-referral by patients;
  • Supported self-management which empowers patients to manage their continuing conditions themselves;
  • Virtual clinics.

Dan Matlow, Vitalhub chief executive officer, commented on the acquisition, stating:

"This acquisition synergistically strengthens our existing digital patient flow offerings, through the addition of a patient-engagement platform that enables the patient to more fully participate in their care journey. Adding MyPathway, ADI Health's flagship product, alongside our award-winning products from Intouch with Health and Synopsis, complements and extent the breadth of our existing offerings, further positioning Vitalhub as the U.K. leader for digital patient flow solutions."

"We are very pleased to have found a partner in Vitalhub and we look forward to our new journey as part of Vitalhub U.K. We believe the integration with Vitalhub's broader product suite of software enriches ADI Health's existing business, providing the opportunity to improve patient pathways and significantly elevate the patient experience," said Judith Clarkson, commercial director of MyPathway.

Note: the company defines annual recurring revenue (ARR) as the recurring revenue expected based on yearly subscriptions of the renewable software licence fees and maintenance services.

About Vitalhub Corp.

Software for health and human services providers designed to simplify the user experience and optimize outcomes.

Vitalhub provides technology to health and human services providers, including hospitals, regional health authorities, mental health, long-term care, home health, community and social services. Vitalhub solutions span the categories of electronic health record (EHR), case management, care co-ordination and optimization, and patient flow and operational visibility solutions.

The company has a robust two-pronged growth strategy, targeting organic growth opportunities within its product suite, and pursuing an aggressive M&A (mergers and acquisitions) plan. Currently, Vitalhub serves more than 400 clients across Canada, the United States, the United Kingdom, 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 300 team members globally.

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