Induction Healthcare Group PLC has disposed of Horizon Strategic Partners Limited for £1.2 million.
The digital health platform has sold HSP, behind clinical management platforms Guidance/MicroGuide and OPAT PMS, to Eolas Medical Ltd.
These platforms facilitate the curation, review and dissemination of antimicrobial resistance guidelines.
The £1.2m comprises £400,000 paid in cash while £800,000 will be deemed to be paid to Induction and immediately advanced to Eolas as a loan.
Induction, listed on London’s AIM market since 2019, is a digital health platform driving transformation of healthcare systems worldwide. It has a heavy presence within the NHS.
Induction described HSP as a “non-core asset” and said the proceeds would be used for working capital purposes.
“We’ve made considerable progress with our integrated product strategy that focuses on transforming the interaction between care teams and patients,” said Induction CEO Paul Tambeau.
“Part of this strategy involved divesting or deprecating non-strategic assets. This sale of Horizon, following the disposal of Switch last year, is an important step in our journey of focusing the business and delivering greater financial performance.”
Tambeau was promoted to the top job last year after previous CEO James Balmain was ousted from the role.
For the six months ended 30th September 2023, HSP generated revenues of £300,000 and break-even before tax.