ASX-listed 1st Group will sell its MyHealth1st platform, which thousands of patients use to search and book eye health appointments in Australia, to HealthShare for $1.25 million.
The divestiture follows 1st Group’s comments in its half year FY2023 report where it outlined its intention to sell MyHealth1st – a digital portal that has facilitated more than 250,000 appointments per month for over 17,000 practitioners in the fields of optometry, ophthalmology, physiotherapy, psychology general practice, dentistry and more.
Mr Joshua Mundey, CEO of 1st Group, said MyHealth1st had developed relationships with many world-class health providers since its inception in 2012.
He described HealthShare as “an industry leader in the Australian digital health landscape”, with leading products and a large user base of patients and health professionals. More than 10 million Australians use HealthShare’s products annually, as well as tens of thousands of GPs, non-GP specialists and allied health professionals.
“We believe that MyHealth1st’s customers and employees will benefit from HealthShare’s long-term ownership,” Mundey said.
“This announcement represents another important milestone in our strategy to create a focused and profitable healthcare technology organisation that is well placed to capture market share in the fast growing, global hybrid health market.
“The sale of MyHealth1st to HealthShare will considerably reduce net cashflows for 1st Group, allowing for more focused investment of human resources and financial capital in the growth of its other businesses. This transaction is a positive outcome for shareholders, customers and employers.”
According to an announcement, the deal includes the sale of assets, client agreements, supplier agreements, intellectual property, goodwill, business names and domain names to HealthShare.
Proceeds from the transaction are intended to generate further capital to enable 1st Group to develop its Visionflex telehealth product.
The company’s other businesses include online pet service marketplace PetYeti, and corporate and government solutions platform GoBookings.com.
In 2022, 1st Group merged with Visionflex Pty Ltd, leading clinical virtual care technology company, it expects will create new opportunities for PetYeti, GoBookings and Visionflex customers.
The HealthShare-MyHealth1st transaction is expected to take place on 31 May 2023.