Shares in MedAdvisor jumped as much as 25% in early trade after the medical software company announced an acquisition.
A short time ago, they were 14% higher at $0.041.
The company is buying Healthnotes, a healthcare technology company specialising in medication management, for $5.5 million, made up of 60% cash and 40% in shares.
MedAdvisor, which runs software connecting patients to their local pharmacy, says the deal brings together the two leaders in medication adherence management.
“With the integration of Healthnotes into MedAdvisor, we are able to substantially extend the connections to our platform from key stakeholders in patient health including pharmacies, GPs, and nursing homes,” says CEO Robert Read.
“This acquisition enables MedAdvisor to reach more than 500,000 Australian patients, increase the value of prescriptions ordered through the platform to over $150 million per year and consolidate its position as the dominant player in the medication adherence space in Australia.”