News: Exalt Resources acquiring ehealth software company MedAdvisor

Exalt Resources (ASX:ERD) is acquiring cloud based ehealth software company MedAdvisor International Pty Ltd that has contracts with four major pharmaceutical clients.

MedAdvisor has developed a world-class software platform that assists individuals in correctly using medication via a ‘virtual pharmacist’, dramatically improving health outcomes through improved medication adherence.

The software uses a cloud computing approach, in conjunction with optimised user experience on mobile and web devices.   

MedAdvisor’s platform and app have achieved early success with pharmacies and consumers.

The app is free for consumers and is actively being used by more than 70,000 Australians while 20% of Australian pharmacies are paid subscribers. It has also been the most downloaded medication-related app in Australian Apple and Android stores in 2014 and 2015.

MedAdvisor has established important partnerships with industry-leading organisations including Bupa and the Pharmacy Guild of Australia’s Guildlink, and has contracts with four major pharmaceutical clients – GSK, AstraZeneca, Actavis and UCB – to deliver training and adherence services through its platform.

The acquisition will require shareholder approval as it will result in a significant change to the nature and scale of the company’s activities.

It also requires the company to re-comply with Chapters 1 and 2 of the ASX Listing Rules.

Subject to shareholder approval, Exalt will undertake a placement to raise at least $3 million at a price not less than $0.02 per share.

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