Induction to pay £1.5m as Horizon meets earn-out target

1st Sep 2020 12:48

(Sharecast News) - Healthcare technology company Induction announced on Tuesday that its subsidiary Horizon Strategic Partners has achieved its earn-out target ahead of schedule, following its acquisition on 6 November.
The AIM-traded firm said that since acquisition, Horizon's platform MicroGuide had grown revenue and delivered year-on-year growth in registered users of 32%, and 44% growth in guideline page views as at 27 August.

As part of the purchase agreement and as a result of Horizon achieving its earn-out target, a deferred contingent consideration of £1.5m would be paid in cash, Induction confirmed.

"MicroGuide is the UK market leader, enabling medical organisations to collaboratively create, edit, and publish their own local medical guidelines in a secure and locally administered environment," the board said in its statement.

"The platform helps over 170,000 registered users in multiple territories, including the majority of hospital trusts within the NHS."

At 0955 BST, shares in Induction Healthcare were down 2.8% at 85.05p.