EMIS Group has announced its acquisition of an early-stage UK tech business specialising in blockchain software for the healthcare market.
The AIM-listed company, which is headquartered in Leeds, has purchased Dovetail Lab for an initial sum of £2.5 million.
Founded in July 2017 and based in London, Dovetail Lab creates software that gives patients full control of their healthcare records, delivering secure exchange of data between different health services and new digital technologies involved in patient care.
Its patent-pending blockchain-based technology delivers accountability, security and trust in the transmission of healthcare data, while mitigating risk and maximising health outcomes for patients.
The Dovetail Lab team including CEO and co-founder Alexandra Eavis will join EMIS Group as part of the acquisition.
EMIS chief executive Andy Thorburn described Dovetail Lab as one of the leading healthcare blockchain businesses in the UK and said the acquisition was “very exciting”.
“The business has already launched a successful pilot of its software within the NHS, giving patients access, visibility and control over their health data using explicit and informed consent to drive data sharing across all health and care settings,” he said.
“The potential applications for blockchain technology in the UK healthcare sector are significant and we look forward to working with the new team to explore these.”
In a statement on the London Stock Exchange, EMIS also revealed that it has acquired the outstanding stake in its subsidiary Rx, which trades as EMIS Health Community Pharmacy.
The group paid £8 million in cash to take over the 21.1 per cent stake, giving EMIS complete control over the business, which last year generated revenues of almost £22 million.
The stake was acquired from pharmaceutical wholesaler Phoenix Medical Supplies, which owns more than 500 pharmacies in the UK.