MyHeath1st will be sold to HealthSharePty Ltd., a digital health company that develops tools for the health sector and community, including a specialist referrals directory, pre-consultation tool for GPs, and fact sheets to improve patient health literacy. Over 10 million Australians use HealthShare’s products every year as well as tens of thousands of GPs, non-GP specialists and Allied Health practitioners.
Funds will Progress Telehealth
The transaction, for AU$1.25 million, is expected to complete on 31 May 2023. Proceeds from the transaction will provide further capital to support 1st Group’s development of its diagnostic telehealth product, Visionflex.
HealthShare is an industry leader in the Australian digital health landscape, with industry leading products and a large user base of patients and health professionals
In an announcement 1st Group’s Board said that it had “determined that it would be in the best interest of shareholders to sell MyHeath1st on the terms agreed with Healthshare Pty Ltd”.
1st Group Limited Chief Executive Officer Joshua Mundey said, “MyHeath1st has developed great relationships with a range of world class healthcare providers since its inception in 2012. HealthShare is an industry leader in the Australian digital health landscape, with industry leading products and a large user base of patients and health professionals. We believe that MyHeath1st’s customers and employees will benefit from HealthShare’s long-term ownership.
“Today’s announcement represents another important milestone in our strategy to create a focused and profitable healthcare technology organisation that is well placed to capture market share in the fast growing, global hybrid health market. The sale of MyHeath1st to HealthShare will considerably reduce net cash outflows for 1ST Group, allowing for more focussed investment of human resources and financial capital in the growth of its other businesses. This transaction is a positive outcome for shareholders, customers and employees.”
The Transaction includes the sale of assets, client agreements, supplier agreements, intellectual property, goodwill, business names and domain names to HealthShare. Both parties have completed due diligence, with the completion of the transaction not subject to any further material conditions.
