Coala Life has today completed the acquisition of Vitrics Management Group Inc for a purchase price of USD 3.5 million on a cash and debt-free basis. Vitrics is a fast-growing service company within Remote Patient Monitoring (RPM). The acquisition is in line with Coala Life’s strategy, with clear sales and operational synergies.
On June 9 this year, Coala Life announced an agreement to acquire 100 percent of the shares in Vitrics Management Group Inc (“Vitrics”) for a consideration of USD 4.5 million on a cash and debt-free basis. The due diligence process and the acquisition were estimated to be completed no later than July 31, 2022. On July 29, August 14, 2022, was announced as the new estimated latest completion date for the due diligence process and the deal.
After finalized due diligence, Vitrics income statement has been adjusted and the purchase price renegotiated, and at the closing of the deal today, August 15, 2022, Coala Life has acquired Vitrics with its own cash for a total cash settlement of USD 3.5 million.
In the first 12 months, Vitrics is expected to contribute to Coala Life with a turnover of 1.5-1.8 million USD and a positive result. Vitrics currently has 8 active clinics, and the company has clear sales and operational synergies with Coala Life.
Vitrics was founded in 2021 by physicians and entrepreneurs in Houston, Texas, to offer healthcare providers various services within RPM. Vitrics turnkey RPM solutions include various types of monitoring services and platform solutions for monitoring chronically ill patients at home, on behalf of US healthcare providers.
“I am happy that we reached the finish line with this important acquisition. With Vitrics, we strengthen our offer in remote monitoring of patients with chronic diseases. The acquisition enables faster organic growth going forward. We can more quickly create critical mass and credibility in the US with accelerating growth in both the acquired and existing operations”, says Dan Pitulia, CEO of Coala-Life Group AB.
“We are proud to join forces with Coala Life and have the opportunity to accelerate the rollout of our services in the fast-growing, national RPM market. Coala has developed a unique solution for heart patients that we can now complement our offer with”, says Dr. Gary Spangler, co-founder of Vitrics Management Group.