Enlitic has entered into a binding conditional agreement to acquire US-based medical imaging data migration firm Laitek.
The acquisition, valued at around US$5 million ($7.3 million), includes a cash payment of US$4 million ($5.9 million) and common stock worth US$950,000 ($1.4 million), subject to security holder approval.
The combined companies are projected to achieve pro forma revenue of between US$8.3 million ($12.2 million) and US$9.6 million ($14.1 million) in 2024.
Completion of the acquisition is contingent upon successful capital raising and securityholder approvals, which Enlitic plans to address at an extraordinary general meeting in early October.
Michael Sistenich, CEO of Enlitic, commented, "Our proposed acquisition of Laitek will be transformational for Enlitic from a capability and financial perspective. Laitek and Enlitic are a strong strategic fit, allowing the provision of a differentiated and synergistic service offering for our clients."
Founded in the 1980s, Laitek is a major player in the healthcare imaging sector in the US, providing tech-enabled data migration and routing services.
The acquisition will allow Enlitic significant access to new clients and potential revenue synergies and cost savings.
Pending requisite approvals, the acquisition is expected to be earnings accretive in 2024, marking a significant growth milestone for Enlitic.
Enlitic is a healthcare information technology company that uses artificial intelligence in applications to address issues plaguing the delivery of healthcare. Enlitic Curie is the company's foundational platform that uses AI to unlock the value of the customer's data in real-time.
At the time of reporting, Enlitic’s share price was $0.092.