Listed medical tech company buys aged and disability start-up
Melbourne-based health technology company Novita Healthcare has announced its acquisition of Newly, an online-based matching service for aged and disability support workers.
Melbourne-based health technology company Novita Healthcare has announced its acquisition of Newly, an online-based matching service for aged and disability support workers.
In an announcement to investors last week, Novita’s executive chairman Iain Kirkwood said the acquisition would provide a valuable expansion opportunity for the company into the “large and growing aged care and disability market”.
The total consideration for the acquisition will comprise $1 million upfront and a deferred cash earn-out of 4 times profit before tax in calendar year 2019.
Novita said there were also potential opportunities to extend the application of Newly’s technology across the broader community care spectrum. Novita’s current focus is on the development of technology to assess and treat childhood attention difficulties.
Newly was founded in 2014 by Bill Mountford and Helen Kemp, who will continue to operate the business. Ms Kemp will take on the role of CEO, Newly said.
The Victorian-based company said it planned to expand interstate, initially to Queensland.
“We are pleased to now focus on delivering market-leading service to our clients and our carers, while building the business to capture future opportunities,” Ms Kemp said.
Newly provides an online matching and screening service for aged and disability providers to recruit care and support workers.
Acquisition activity of tech platforms heats up
The growth of online platforms for carers continues with Care Support Network announcing its official launch into the market, following its acquisition last month of Find a Carer, a membership-based site for care recipients to find a carer that has been operating since 2009.
Care Support Network is headed by Rob Evers, former executive officer of Yooralla and CEO of Wesley Mission Victoria.
