THE wide-ranging new agreement between EBOS and MedAdvisor (PD breaking news yesterday) is expected to see a significant acceleration of MedAdvisor's user base, with more than 5,000 patients per week being invited to sign up to MedAdvisor through an MoU relating to EBOS hospital-focused offshoot HPS.
That's just one element of the deal which will see EBOS acquire a 14% stake in MedAdvisor.
The $9.5 million "strategic investment" will see EBOS issued shares in MedAdvisor for 5.75c each, up 44% on the company's previous capital raising a year ago which helped raise funds for the acquisition of Healthnotes.
EBOS has also purchased an additional 20 million shares in MedAdvisor in an off-market transaction, the companies said.
MedAdvisor has entered into a three year strategic agreement with some of EBOS' businesses including HPS, TerryWhite Chemmart and Zest, while the deal is set to also see MedAdvisor accelerate its customer acquisition strategy via the hospital and GP channels.
The agreement cements MedAdvisor's position as the preferred provider to the TerryWhite Chemmart pharmacy brand (see page one) and also open the hospital channel as a "key pathway to MedAdvisor's ongoing customer acquisition".
Many TerryWhite Chemmart franchisees are existing MedAdvisor customers, and deal will see a rollout of a customised version of the MedAdvisor app and PlusOne software to the group's pharmacies (see story page one).
MedAdvisor estimates that over three years the agreements with TWC, HPS and Zest will generate about $4 million in revenue.
Robert Read, ceo of MedAdvisor said he was delighted that EBOS Group had recognised "the potential of MedAdvisor to provide value to the healthcare industry in Australia and beyond".
He said in EBOS, MedAdvisor now has a major investor and a motivated commercial partner that recognises the company's "agnostic position in the marketplace".
EBOS ceo Patrick Davies said MedAdvisor had achieved rapid growth and now has a key role as an independent partner to a wide range of healthcare businesses.
"EBOS recognises the strength of that independence and we look forward to working collaboratively with MedAdvisor to unlock value across our diverse businesses to help improve health outcomes for patients via improved medication management."
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