Physitrack Inaugurates M&A Program by Acquiring Physiotools in Cash and Share Deal

·3 min read

Physitrack, an Apple Inc (NYSE: APPL) Mobility Partner and leading global provider of technology for Virtual Care and Telehealth, today announces its launch of an in-house M&A program that targets the acquisition of companies in the Digital Health space.

At the same time, Physitrack announces its first acquisition of one of its main competitors Physiotools OY, along with Mobilus Digital Rehab AB, a wholly owned subsidiary of Physiotools. The acquisition combined cash and shares as consideration and closed on November 30, 2020.

The combined entity is the largest provider of virtual care technology in physical therapy globally - both in revenue and number of users. The group now has presence in 187 countries and market leadership in several geographical areas, including Asia Pacific, the Nordics, the UK, and the Netherlands. The company also has a significant foothold presence in several other European countries, including Germany, Italy, Spain and Ireland, as well as in North America.

Says Henrik Molin CEO and co-founder of Physitrack: "We are incredibly excited about our joining forces with two companies that collectively bring over six decades of history in patient engagement. We are indebted to these companies for being the true pioneers in our industry, and to now be working together as one group is very humbling."

Says Mika Huotari, CEO of Physiotools: "In a rapidly digitising healthcare world it's important for a company to constantly innovate through active learning, while at the same time fuelling healthy growth. Physitrack and Physiotools are at the core very similar companies in the way that our cultures have embraced this notion, and the fit from both a commercial and cultural perspective is perfect. In addition to this, the geographical overlap between our customer portfolios is a perfect fit which makes it possible for our products to have true global reach."

Thanks to Physiotools having recently completed the full acquisition of Swedish market leader Mobilus Digital Rehab AB, Physitrack further strengthens via the acquisition of Physiotools its Nordic and international presence with its GoMobilus and Mobilus Professional products.

Physitrack will continue to seek acquisitions of companies in the Digital Health space that like itself have a dual focus on growth and profitability.

About Physitrack:

Physitrack is an Apple (NASDAQ: AAPL) Mobility Partner and the world leader in the provision of Virtual Care and Telehealth technology. Physitrack works with tens of thousands of public and private healthcare providers around the world helping them care for several million patients per year.

For more information, visit https://physitrack.com

About Physiotools:

Physiotools was established in Finland in 1982 has offices in the UK, North America and Sweden. It is a leading provider of Patient Engagement technology to tens of thousands of healthcare providers in 27 countries.

For more information, visit https://physiotools.com

About Mobilus Digital Rehab:

Mobilus was established in Sweden in 1996 and is the leading provider of Patient Engagement technology in Sweden and in several European countries.

For more information, visit https://gomobilus.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20201202005597/en/

Contacts

For more information, please contact:
Physitrack Limited
Frank van Zon, Partner
press@physitrack.com