Remote patient monitoring tech company acquired by US buyer
Tue, 04 Jun 2024 | BUSINESS SALE
Inhealthcare, a UK provider of remote patient monitoring and virtual wards, has been acquired by US medical equipment giant ResMed. Inhealthcare says that the deal, which was for an undisclosed sum, will enable it to expand its services and scale up its operations.
Founded in 2012 by entrepreneur Peter Wilkinson, Harrogate-based Inhealthcare now supports the treatment of approximately 4 million patients across the UK. The firm’s offerings include respiratory virtual ward, digital care home monitoring, hypertension at home, oncology service/virtual ward, medication reminders, COPD and heart failure service and falls prevention.
The company has a number of key contracts, including with integrated care boards in West Yorkshire, Humber and North Yorkshire, and Cambridge and Peterborough, as well as a major contract in Scotland.
In the year to March 2023, the company generated revenues of £2.2 million, but fell to a pre-tax loss of around £665,000, which the firm attributed to investment in its pathway development team.
The acquisition by ResMed brings Inhealthcare into a global company that numbers approximately 10,000 staff, with annual sales of around £3.3 billion. Based in California, ResMed is a specialist in digital health and cloud-connected devices, treating conditions such as chronic obstructive pulmonary disease (COPD), sleep apnea and a range of other chronic diseases.
ResMed is listed on the New York Stock Exchange (NYSE) with a market value of around £24 billion, while the company’s UK operations generated revenue of £65 million and employed around 100 staff in the year to June 2022.
In a statement, Inhealthcare’s chief executive Bryn Sage commented: “By joining forces, we will be able to expand service offerings, scale operations and extend impact on patient care throughout the UK.”
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