US acquisition for listed Cambridge firm Checkit
Posted on February 4, 2021 by Jonathan Symcox
Listed Cambridge tech firm Checkit has acquired its US distributor after revealing it is supporting the rollout of COVID-19 vaccinations.
The workflow management software firm, which launched in the US in 2019, has acquired the entire issued share capital of Tutela Monitoring Systems, including cash of approximately £184,000, for a total upfront cash consideration of £626,000.
The acquisition has been funded from the group’s existing cash resources.
Tutela, which is based in Florida, provides wireless temperature monitoring systems for all applications and facilities which store sensitive inventory for businesses within the healthcare sector.
In 2020 Tutela’s sales were approximately £1.46m, with profit before tax of £270,000.
The acquisition is intended to accelerate Checkit’s US expansion plans, as its directors believe that, based on relative population sizes, the US represents an addressable market around five times larger than the UK.
Checkit incorporates work management and automated monitoring, continually capturing data points on the organisation’s performance, while operational insight turns data into intelligent, useful information.
It is used to manage and audit all routine duties including food safety, equipment monitoring, maintenance checks, health and safety, cleaning and operational management.
Meanwhile Checkit has appointed Kit Kyte, previously of New York-headquartered Genpact, as chief commercial officer in the UK, with Steve Peck, previously employed by Oracle NetSuite, also joining as MD of US arm Checkit Inc, which includes Tutela.
“The acquisition of Tutela marks another milestone for Checkit,” said Checkit chairman Keith Daley.
“It provides a base from which to expand in our key geographical target market, the US.
“We look forward to realising the many opportunities that the transaction and these appointments present.”
Checkit recently revealed it is supporting the NHS roll-out of the biggest public vaccination programme in UK history.
The company has supplied technology to help ensure the safe storage and management of COVID-19 vaccines at the London immunisation centre, within the Excel Centre in Docklands, as well as over 100 smaller vaccination clinics across the UK.
The strict temperature requirements of the vaccines make it vital to monitor storage parameters, protecting doses from unsafe conditions that could affect their viability.
Checkit’s Connected Automated Monitoring provides 24/7 real-time surveillance of temperature conditions in medical fridges and freezers, via wireless sensors connected to cloud-based data storage.
The system provides vaccine coordinators with continuous insight and live alerts. This will reduce wastage and ensure all doses can be effectively utilised.
Partnering with the pharmacy team from the Barts Health NHS Trust, which is managing vaccines at the centre, Checkit engineers worked around the clock to install automated monitoring in just three days – 10 times faster than typical timescales.
In a challenging environment, Checkit’s team installed 50 sensors and four data hubs, which were rapidly set live.