The former owner of the company made a whopping $8m loss on the sale.
Australian specialist emergency telemedicine company My Emergency Doctor has bought GP2U Telehealth in a deal worth $3m.
The sale is a significant loss for UK-based firm Doctor Care Anywhere, which bought the Tasmania-based telehealth company in September 2021 for $11m.
It comes as retail giant Wesfarmers prepares to buy InstantScripts for the far more significant outlay of $135m.
In a statement published on its website, DCA confirmed details of the sale, which comprises $2.5m worth of unlisted ordinary shares in MED and $500,000 in cash.
“As we have previously announced we are focusing on our core UK market, with the switch to a UK-based board following the conclusion of the AGM being the first step in this process,” said DCA’s chairman John Stier.
“Completing the sale of GP2U will further cement this strategy, enabling management to focus on UK growth and profitability going forward.
“We are also delighted that GP2U will become part of such a capable and exciting business as MED. As shareholders in MED, we are excited to be involved in their journey and look forward to working with them in the future.”
MED was founded in 2016 by Sydney-based emergency physician, Dr Justin Bowra, and aims to support healthcare institutions and provide all Australians access to senior specialist emergency doctors, no matter the time of day or where they live.
The service is staffed around the clock and provides consultation with Australian-qualified senior emergency specialist doctors. It also works closely with Australian healthcare services including ambulance, primary health networks, residential aged care facilities, hospitals, urgent care centres and multi-purpose centres.
Last year, for the third year in a row, the company was recognised for innovation in the 2022 AFR BOSS Most Innovative Companies List. In 2022 it was number nine on the Health Industry list for most innovative company.
MED was recognised for its innovative Virtual Board Round Solution which assists hospitals requiring access to senior emergency physicians in the overnight period to support patient flow and importantly reduce clinical and operational risk.
The Medical Republic has contacted MED for comment in relation to its purchase of GP2U Telehealth.
