- about 5 minutes to read
Founded in Sweden in 1976, Health Profile Institute AB (HPI) provides evidence-based SaaS solutions driving the digitalisation of occupational health services, such as digital health profiles, medical check-ups and health assessments. Most occupational health providers in the Swedish market are on HPI’s customer list.
– We are very pleased to have completed this transaction. HPI has a strong reputation within occupational health, a segment of significant growth potential for Carasent. We are impressed by what the team at HPI has delivered so far, and through previous partnerships and integrations between HPI and Webdoc, we have already seen great potential for synergies that we plan to develop further through this acquisition.”, says Dennis Höjer, CEO of Carasent.
HPI has an attractive customer base of approximately 200 clients in Sweden and Norway, with revenues of SEK 15.1m LTM in September 2022, growing from SEK 10.6 million LTM September 2021. From the beginning of 2021, HPI strongly invested in the organisation and competence to enable further growth. Hence, HPI’s EBITDA has been neutral since 2021. Through leveraging Carasent and HPI’s combined offering for occupational health, Carasent aims to accelerate this growth as we advance. The transaction values HPI at an enterprise value of SEK 35 million, including a contingent earn-out of up to SEK 13 million, based on the achievement of specific performance metrics in 2023.
The initial purchase price is based on an upfront enterprise value of SEK 22 million less HPI’s consolidated net debt position of SEK 11 million (the “Purchase Price”).
The transaction purchase price will be settled as follows:
– SEK 8.9 million of the Purchase Price in cash upon closing.
– SEK 2.2 million will be reinvested in Carasent amounting to 122,375 consideration shares (corresponding to 20% of the Purchase Price), valued at a price of NOK 17.16 per share, corresponding to the 10-day volume weighted average price (“VWAP”) on the 17th of October 2022 (the “Reinvestment”).
– SEK 13 million contingent earn-out. The acquisition was completed on the 18th of October 2022.
The acquisition was completed on the 18th of October 2022.
About the companies:
Carasent ASA:
Carasent ASA was founded in 2012 with a mission to drive efficiency and quality in the world of care. In 2018, the Company acquired Evimeria EMR AB, a Swedish company that develops and delivers Webdoc, a cloud-based medical practice management system. Since then, several acquisitions have been completed, adding new products to the portfolio and new customer segments to the customer list. Carasent’s core offerings are cloud-based EHR solutions and a broad ecosystem of platform services, including solutions for patient communication and business intelligence.
HPI Health Profile Institute AB:
HPI is a market leader in Sweden within software for occupational healthcare practices. Their software solutions, for health profile services and workflow for medical check-ups and health assessments in working life, help healthcare providers digitize their work and increase efficiency. The company is situated in Stockholm and has 11 employees.
________________________________________________________________
For further information, please contact:
Svein Martin Bjørnstad, CFO Carasent ASA, phone: +47 979 69 493
More news
Västra Götalands Regionen (VGR) has chosen Medrave AB, a subsidiary of Carasent Group, to integrate the Medrave M4 software with their newly adopted Electronic Health Record (EHR) system, Millennium.
Carasent is delighted to welcome Stefan Jernberg as the group's new Chief Compliance Officer. Stefan brings a wealth of experience and expertise in compliance, having a strong background in software development, MedTech, and extensive knowledge of regulatory frameworks.
HPI, Health Profile Institute, has contributed to a new study conducted at the University of Gothenburg. The study shows that individuals who maintain or increase their fitness have a reduced risk of future hospital admissions, especially if they have previously been hospitalized.
Volvat Medisinske Senter AS and Metodika AB have entered into an agreement to implement the EHR system Metodika EPM at Volvat’s hospitals and clinics in Norway. The annual revenue from the contract is estimated to 7-9 MNOK, where the majority is recurring revenue (“ARR”)
Carasent ASA is set to embark on an exciting new phase as it updates its long-term financial targets for revenue growth and profitability. The detailed presentation will take place today at the Capital Markets Day (CMD).
The board of directors of Carasent ASA has today appointed Daniel Öhman as the Company’s new Chief Executive Officer (CEO). He will succeed Dennis Höjer, who has been CEO since December 2020. Öhman will start no later than 2 January 2023.
2024 Carasent. All rights reserved by Carasent ASA.
