{"id":44436,"date":"2023-10-20T15:35:56","date_gmt":"2023-10-20T15:35:56","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/asx-listed-health-tech-company-1st-available-makes-fourth-startup-acquisition-in-the-wake-of-6-35-million-capital-raise-startupsmart\/"},"modified":"2023-10-20T15:35:56","modified_gmt":"2023-10-20T15:35:56","slug":"asx-listed-health-tech-company-1st-available-makes-fourth-startup-acquisition-in-the-wake-of-6-35-million-capital-raise-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/asx-listed-health-tech-company-1st-available-makes-fourth-startup-acquisition-in-the-wake-of-6-35-million-capital-raise-startupsmart\/","title":{"rendered":"ASX-listed health-tech company 1st Available makes fourth startup acquisition in the wake of $6.35 million capital raise – StartupSmart"},"content":{"rendered":"
\"Klaus<\/div>\n

Sydney-based ASX-listed health-tech startup 1st Available has acquired a competitor using funds from a recent $6.35 million funding round.<\/p>\n

Continuing its goal to become Australia’s leading online community for health services, the public company has bought OzDocsOnline for $150,000, following on from acquisitions of DocAppointments, Clinic Connect and GoBookings.<\/p>\n

These purchases are part of an active effort to acquire small, complementary startups in the same space to make 1st Available a dominant player in Australia, managing director Klaus Bartosch says.<\/p>\n

\u201cWe see an opportunity to role up the smaller players into our company and our platform,\u201d Bartosch tells StartupSmart.<\/em><\/p>\n

Swallowing the competition<\/h3>\n

The announcement follows a recent $6.35 million capital raise led by investor Anthony Tony Gandel, son of billionaire John Gandel.<\/p>\n

OzDocsOnline is a small online booking service that generates revenue from prescription requests, access to pathology results, consultations, referrals, appointment reminders and secure messaging.<\/p>\n

Bartosch says his company will be adding the IP under the 1st Available brand and combining its customer base to make their joint services and products available to more people.<\/p>\n

\u201cThese small players struggle to compete with the likes of 1st Available,\u201d he says.<\/p>\n

At time of acquisition, OzDocsOnline had 130,000 registered patients and over 800 doctors across practices, but Bartosch says it would have struggled to continue growing had it not been acquired.<\/p>\n

\u201cThe OzDocsOnline business is one that has been maintained through part-time resources,\u201d he says.<\/p>\n

In addition to new IP, customer databases and additional products and services, Bartosch says this acquisition approach helps them add value to their teams internally.<\/p>\n

\u201cWe are always looking for new and good talent to bring into our community,\u201d he says.<\/p>\n

\u201cWe\u2019re certainly the only player in the space who has been acquiring smaller competitors, there really aren\u2019t that many left to be honest.\u201d<\/p>\n

Bartosch says he’ll also be looking to bring on businesses with complementary services to further accelerate the startup’s growth.<\/p>\n

\u201cEverything starts with the appointment being booked online but all the other things we do make it easier and more convenient to access [healthcare] services online,\u201d he says.<\/p>\n

\u201cWe know the things that we\u2019re building and doing are making your life, my life and other consumers\u2019 lives simpler in the way we access healthcare.<\/p>\n

\u201cEverything else in the world is moving quickly down the digital path, healthcare should be no different and we\u2019re playing a pivotal role in leading that way.\u201d<\/p>\n

How to strike a good acquisition deal<\/h3>\n

When it comes to making a good acquisition deal, Bartosch says startups need to begin with identifying the reasons why not to do it.<\/p>\n

\u201cI\u2019ve had experience in the past with acquisitions and see what can go well with them and what can go badly,\u201d he says.<\/p>\n

\u201cPeople should go in looking for things that won\u2019t go well and find excuses to not do the acquisition.\u201d<\/p>\n

Doing this helps identify the problems or gaps between the firms to assess whether these can be addressed and how well the companies fit with each other.<\/p>\n

This includes the quality, values and culture of talent if they are to merge with the new company.<\/p>\n

\u201cThey need to share the vision otherwise it won\u2019t work,\u201d he says.<\/p>\n

Due diligence on the technical quality of the platform and its customer base is also crucial for a smooth and successful integration.<\/p>\n

Before signing a deal, Bartosch says founders also assess whether or not the smaller player\u2019s customer base will abandon ship if it\u2019s taken over by another brand.<\/p>\n

\u201cThe customer base needs to be sticky and loyal, and likely to see the benefit in the acquisition in relation to their investment with the product,\u201d he says.<\/p>\n

Follow StartupSmart on<\/em> Facebook,<\/em> Twitter, LinkedIn and SoundCloud.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Sydney-based ASX-listed health-tech startup 1st Available has acquired a competitor using funds from a recent $6.35 million funding round. Continuing<\/p>\n","protected":false},"author":2,"featured_media":59244,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19,1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/44436"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=44436"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/44436\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/59244"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=44436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=44436"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=44436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}