Doctor Care Anywhere (DCA) has entered into an agreement to acquire weight loss management specialists Outcome Diagnostics and Medic Spot for £850,000.
Under the terms of the deal, DCA will acquire the ongoing business of both firms.
DCA said the acquisition brings in-house a high-performing team with proven direct to consumer and GLP-1 capabilities and significant cross selling opportunities for the firm.
It added the acquisition will deliver material revenue from day one and gives DCA an immediate presence in the fast growing UK weight management market and adds a complementary service that is in strong demand.
DCA noted the sellers are not related parties of the company, and the transaction does not require shareholder approval under the ASX Listing Rules.
In addition to expanding its current GLP 1 business, and cross selling weight management services to existing customers, DCA added the new team will also help accelerate its direct to consumer offering for its current virtual GP, mental health, physiotherapy and health assessment products.
John Stier, chairman of Doctor Care Anywhere, said: “Credit to Laura and the DCA executive leadership team for identifying a strategic acceleration opportunity, moving decisively to secure a transaction in the interests of DCA shareholders, and displaying a clear understanding of how to leverage DCA’s strong trading, rehabilitated balance sheet and market leading position to best advantage.”
Laura O’Riordan, CEO of Doctor Care Anywhere, said: “I am delighted to welcome the Medicspot team to DCA.
“Both teams are excited by the opportunity to grow faster by collaborating. I know we will focus intently over the coming months on integrating the teams and delivering customer growth we believe can follow from strong execution.”