{"id":47625,"date":"2023-10-20T15:54:23","date_gmt":"2023-10-20T15:54:23","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/asx-listed-startup-medadvisor-acquires-its-rival-healthnotes-for-5-5-million-startupsmart\/"},"modified":"2023-10-20T15:54:23","modified_gmt":"2023-10-20T15:54:23","slug":"asx-listed-startup-medadvisor-acquires-its-rival-healthnotes-for-5-5-million-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/asx-listed-startup-medadvisor-acquires-its-rival-healthnotes-for-5-5-million-startupsmart\/","title":{"rendered":"ASX-listed startup MedAdvisor acquires its rival Healthnotes for $5.5 million – StartupSmart"},"content":{"rendered":"
\"\"<\/div>\n

ASX-listed tech company MedAdvisor has acquired rival startup Healthnotes for $5.5 million as it looks to become Australia\u2019s leading medication management platform.<\/p>\n

As announced through a post on the ASX, MedAdvisor will be buying its competitor for $5.5 million, paid as 60% cash and 40% scrip.<\/p>\n

MedAdvisor offers a free smartphone and internet app focusing on helping patients to take medicine at the right dosages, and recently expanded to include both GPs and pharmacies on its platform.<\/p>\n

Healthnotes is a Melbourne-based startup that helps manage patients\u2019 messaging and medical adherence and has a large list of partner pharmacies.<\/p>\n

MedAdvisor CEO Rob Read says the acquisition will allow his company to \u201cdramatically\u201d scale its offering to patients.<\/p>\n

\u201cHealthnotes was the incumbent player in this market until MedAdvisor came along and they\u2019ve got a very good market position with a large number of pharmacies,\u201d Read tells StartupSmart<\/em>.<\/p>\n

\u201cFor us it was a logical choice to both dramatically increase our scale and to advance our business by 12 months.\u201d<\/p>\n

MedAvisor’s shares jumped by more than 8% following the announcement, with the startup now boasting a market cap of more than $15 million.<\/p>\n

Through the acquisition and integrating Healthnotes\u2019 users and partners, MedAdvisor will now have more than 4000 GPs on its platform, 1700 nursing homes and reach more than 500,000 Australian patients.<\/p>\n

\u201cThis acts as a launching pad for us in terms of pharmacies and GPs,\u201d Read says.<\/p>\n

\u201cWe\u2019ve just finished building and are beta testing our GP link, and they have extensive connections with 4000 GPs. Penetrating that market can be a challenge so to have a head start is a very good thing for our patients ultimately.<\/p>\n

\u201cIt will help to make patients\u2019 lives simpler and easier and that\u2019s what we\u2019re all about.\u201d<\/p>\n

Read says the two platforms will eventually by integrated, and Healthnotes employees will be joining the MedAdvisor team.<\/p>\n

\u201cTheir team will be coming on board and we\u2019re excited about having the additional capability coming into the business,\u201d he says.<\/p>\n

\u201cHaving the two businesses come together allows both skill sets to come together and develop a really terrific platform.\u201d<\/p>\n

He adds that MedAdvisor will still be on the lookout for other potential acquisitions, especially when eyeing an international expansion in the coming years.<\/p>\n

For other startups dealing with possible acquisitions, he says it\u2019s important to always be studying the competition and to keep an open mind about all opportunities.<\/p>\n

\u201cIt\u2019s really important that both parties keep a very open mind and work collaboratively on how some of their plans can come together,\u201d Read says.<\/p>\n

\u201cHaving that openness and trust is very helpful. You need to recognise that one plus one can equal three if you bring talent and technology together.<\/p>\n

\u201cThat\u2019s what happened in this case.\u201d<\/p>\n

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

ASX-listed tech company MedAdvisor has acquired rival startup Healthnotes for $5.5 million as it looks to become Australia\u2019s leading medication<\/p>\n","protected":false},"author":1,"featured_media":58435,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/47625"}],"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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=47625"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/47625\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/58435"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=47625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=47625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=47625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}