While future purchases may be eyeing new technologies, Molin described this week's deal as "more financial than tech based" in its goal, with a focus on how each business could complement or help the other grow its operations.īoth Physitrack and Physiotools have healthy margins and market leadership in different countries or regions, he said. Molin also hinted that his company is already moving into a potential lead, and to expect another deal announcement within the next several weeks or months. "So, ideally, the next company we buy will be more, but hopefully we can combine the tech side of things with some of the financial upside as well." "There are other companies that we're looking at that have tech that's really interesting, that can really help us with the innovation side of things and fast-track some things we were looking at in the past," he told MobiHealthNews. Molin said that the next deal will likely prioritize a technical advancement for the Physitrack platform. The company is framing that deal as the launch of an M&A program that will target other digital health companies that Physitrack believes can help its business. The Physiotools acquisition isn't likely to be Physitrack's only purchase during the foreseeable future. With it, Physitrack's roughly 20 employees will join Physitrack's smaller team of 13, he said.
Molin did not disclose the terms, but said that it was paid for in a combination of cash and shares. As such, both companies now fall under the Physitrack umbrella. The deal comes just weeks after Physiotools' own acquisition of Mobilus Digital Rehab, another physical therapy patient engagement technology-maker based in Sweden, founded in 1996. Physitrack CEO and cofounder Henrik Molin told MobiHealthNews that the company has acquired Physiotools, a Finnish company that got its start selling physical therapy books, but over the years shifted its business toward software, telehealth and other features. Physitrack, a London-based provider of digital physical therapy and patient engagement technology, is kicking off an M&A push with news that it has purchased one of its primary competitors.
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