CARETEQ are delighted to announce the acquisition of Ward Medication Management, effective date 31st August 2021.
Ward is the largest medication management database in Australia, with contracts to provide Residential Medication Management Reviews to over 374 aged care facilities. Ward Medication Management is a leading medication management organisation within the Residential Aged Care market with national partners that include:
This strategic acquisition complements CARETEQ position in the Aged Care and Residential market and provides the ability to introduce automation to the medication review process through integration into the CARETEQ technology platform. Other benefits of the acquisition include,
- The ability to upsell and cross-sell to existing Ward customer base
- The ability to expand Ward offering to other geographies and verticals
- Expand recurring revenue base
Acquisitions costs were $1.85m which includes a cash component and an earn-out period of 2 years. Revenue for the FY21 exceeded $4.5m with an expected EBITDA of $.4M.
This is a very exciting time for us as we welcome Ward Medication Management into the CARETEQ family. As we continue to introduce cutting edge technologies through our software solutions, Ward Medication Management will create several significant growth opportunities through their existing channel partners throughout Australia. This acquisition completes a significant strategic milestone for CARETEQ as we continue our journey for sustained growth into the future.
Chief Executive Officer