Optima Health PLC on Friday said it has agreed to acquire Irish occupational health services firm Cognate Health Ltd for a total consideration of up to €9 million.
The Sheffield, England-based occupational health software provider said the sale price was split into a €7 million instalment payable upon completion, followed by an earn-out consideration of up to €2 million.
The acquisition expands Optima Health’s customer base and geographic reach in the Republic of Ireland, with around 30 clinic sites across the country.
‘There will be cross selling opportunities, in addition to revenue synergies,’ Optima noted.
The firm sees ‘significant’ opportunities to accelerate growth, and will continue to evaluate bolt-on acquisitions and consolidation opportunities.
‘The acquisition of Cognate is a significant milestone for Optima, providing the company with access to a new geographic market. Cognate’s business is strategically aligned with ours, with a focus on occupational health services to improve health and wellbeing in the workplace,’ said Chief Executive Officer Jonathan Thomas.
‘We look forward to integrating the businesses and benefiting from the significant additional clinical capabilities, and revenue synergies, as we continue to evaluate further value-enhancing bolt-on opportunities in the market.’
Shares in Optima Health were up 1.7% at 171.35 pence each in London on Friday morning. The stock has risen 13% over the past year.
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