Mon, 03 Oct 2022 | BUSINESS NEWS
Global digital healthcare and wellbeing firm Physitrack is set to pursue acquisition opportunities after securing funding from Santander UK. The UK-registered company, which operates a digital platform enabling remote patient care, has received a £5 million revolving credit facility.
The funding will be used to support Physitrack’s acquisition strategy in the US and UK, as well as the company’s international expansion plans, working capital requirements and for a deferred consideration payment on its May 2022 acquisition of workplace wellbeing tech firm Champion Health.
Physitrack was founded in 2012 and, in June 2021, listed on Stockholm’s Nasdaq First North. The company’s digital platform enables physiotherapists and other healthcare professionals to provide patients with remote care, such as access to clinical home exercise and outcome-tracking services for physical rehabilitation and injury prevention.
Over recent years, the firm has seen its growth boosted by the healthcare and wellbeing sectors’ increasing digital adoption in the wake of the COVID-19 pandemic. This, combined with Physitrack’s acquisition-based growth strategy, enabled the company to increase its revenue from £5.1 million in 2020 to £6.9 million last year.
The firm’s acquisitions over the past two years, including its recent takeover of Champion Health, have helped it to expand its offering beyond tech platforms into virtual healthcare and wellbeing. The company’s global client base is spread across 187 countries and it has developed a physical presence across the UK, Europe, US, Canada and Australia.
As well as boosting its acquisition strategy in the US and UK, Physitrack is also looking to expand into new territories, such as Brazil.
Physitrack’s Chief Financial Officer Charlotte Goodwin said: “This funding will allow us to invest in a number of growth opportunities in this rapidly growing and exciting space as well as provide us with financial security and headroom. Santander UK really took the time to understand our business and offered much more than just a ‘cookie cutter’ solution to support us alongside its international focus.”
Santander UK Growth Capital Director David Muse added: “We are delighted to become Physitrack’s banking partner, supporting the next phase of its growth strategy. Our funding package, global presence and international support solutions will help this fast-growing British company to expand its international presence through both organic and acquisition-based growth.”
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