Mr. Dan Matlow reports
VITALHUB CORP. ANNOUNCES ACQUISITION OF PREMIER I.T. PARTNERSHIP LIMITED
Vitalhub Corp. has acquired Premier I.T. Partnership Ltd., a company incorporated and existing under the laws of England and Wales.
Premier IT offers market-leading work force planning, development and performance solutions for the health care 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, multisource feedback, e-rostering, job planning, and health care 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 pounds sterling, with an additional opportunity to earn up to 472,849 pounds sterling over the course of two years postacquisition 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 1.3 million pounds sterling 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 health care and work force automation products while strengthening our relationships with all of our combined health care customers in the United Kingdom," said Dan Matlow, chief executive officer of Vitalhub. "In particular, there are strong synergies with our Hicom subsidiary which offers leading health care and work force automation solutions. Premier IT's exceptional health-care-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 health care operations and patient care across the U.K. We are eager to integrate our expertise with Vitalhub's resources and look forward to a future of shared success."
About Premier I.T. Partnership Ltd.
Formed in 1995 and based in England, Premier I.T. Partnership specializes in market-leading solutions for the health care 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 over 125 organizations throughout the United Kingdom with its 16 team members based in England.
About Vitalhub Corp.
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. Its 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.
The company has a robust two-pronged growth strategy, targeting organic growth opportunities within its product suite, and pursuing an aggressive merger and acquisition plan. Currently Vitalhub serves more than 1,000 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 400 team members globally. The company is publicly traded on the Toronto Stock Exchange under the symbol VHI and on the OTC Markets OTCQX Exchange under the symbol VHIBF.
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