Physitrack, an Apple Inc Mobility Partner and global provider of technology for Virtual Care and Telehealth, announces its launch of an in-house M&A program that targets the acquisition of companies in the Digital Health space.
At the same time, Physitrack announces its first acquisition of one of its main competitors Physiotools OY, along with Mobilus Digital Rehab AB, a wholly owned subsidiary of Physiotools. The acquisition combined cash and shares as consideration and closed on November 30, 2020.
The combined entity creates reportedly the largest provider of virtual care technology in physical therapy globally – both in revenue and number of users. The group now has presence in 187 countries and market leadership in several geographical areas, including Asia Pacific, the Nordics, the UK, and the Netherlands. The company also has a significant foothold presence in several other European countries, including Germany, Italy, Spain and Ireland, as well as in North America, according to a media release from Physitrack.
“We are incredibly excited about our joining forces with two companies that collectively bring over six decades of history in patient engagement. We are indebted to these companies for being the true pioneers in our industry, and to now be working together as one group is very humbling.”
— Henrik Molin CEO and co-founder of Physitrack
“Physitrack and Physiotools are at the core very similar companies in the way that our cultures have embraced this notion, and the fit from both a commercial and cultural perspective is perfect. In addition to this, the geographical overlap between our customer portfolios is a perfect fit which makes it possible for our products to have true global reach.”
— Mika Huotari, CEO of Physiotools
[Source(s): Physitrack, Business Wire]
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