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- UK-based company Doctor Care Anywhere Group (DOC) steps into the Australian tele-health market following an $11 million acquisition of GP2U
- The acquisition will see $3.3 million settled in cash on completion of the transaction
- The deal will be funded by Doctor Care’s existing cash reserves and more than 10 million shares issued to investors of GP2U Telehealth at $0.73 each
- Doctor Care sees the acquisition as an opportunity to grow national mental health and GP tele-health services in Australia
- Doctor Care Anywhere is trading up 4.55 per cent at 80 cents at 10:48 am AEST
UK-based telehealth company Doctor Care Anywhere Group (DOC) has stepped into the Australian telehealth market following its $11 million acquisition of GP2U.
The company trades as both GP2U and Psych2U, offering virtual general practitioner (GP) and mental health services virtually. Doctor Care acquired GP2U Telehealth for $11 million, representing two and a half times its unaudited gross revenue for the 2021 financial year.
The acquisition will see $3.3 million settled in cash on completion of the transaction, funded by Doctor Care’s existing cash reserves, and the equivalent of $7.7 million settled in CDIs. A total of 10,555,173 shares were issued to investors of GP2U Telehealth at $0.73 each.
Doctor Care said it saw the acquisition as an opportunity to grow national mental health and GP telehealth services in Australia, particularly in rural and remote areas.
“Building on our significant organic growth, we believe that this is the right time to be expanding our telehealth activity internationally to serve and care for more patients through the strategic acquisition of GP2U Telehealth and we are very excited to be entering the Australian market,” CEO of Doctor Care Anywhere Bayju Thakar said.
GP2U Telehealth ended the 2021 financial year with 54.8 per cent gross revenue growth or $4.4 million. Dr Thakar said the company saw psychiatrist, psychologist and GP consultation growth of 51.4 per cent to 35,000 for FY21 and increased its base of clinicians to ten GPs, 28 psychiatrists and 22 psychologists.
Doctor Care said the acquisition would provide a platform to build a market-leading telehealth business in Australia in partnership with other Australian stakeholders.
Doctor Care Anywhere was trading up 4.55 per cent at 80 cents at 10:48 am AEST.
