Camanio Care AB signs LoI for strategic acquisition within IOT-solutions for digital care services
As a part of Camanio Care’s long term strategy to become the leading player within welfare technology the company has now signed a Letter of Intent with the intention to acquire the company VITAL Integration. The acquisition can give Camanio Care a strategic position on the growing market for Internet of Things (IoT) within Digital care.
Innovative open service platform
VITAL Integration is an IoT-company within welfare technology, with focus on infrastructure for transfer of data within the healthcare sector. As an operator for welfare, the company offers integrated solutions for a smart home that strengthens the individual’s independence and safety, both inside and outside the home. This is achieved though VITAL SmartCare, a service platform that collects and transfers data from all sensors installed in the home such as mobile personal alarms, cameras, door locks, stove protections, GPS etc. to care professionals and relatives.
VITAL SmartCare is the central hub in the net for Digital care, with an attractive business model that builds on re-occurring income based on monthly fees per service and per user.
Agreement with Tieto Sweden and Nacka Municipality
Nacka Kommun (Municipality of Nacka, Sweden) carried out a tender within Digital Care for its residents in April 2017. VITAL Integration won the tender in collaboration with Tieto Sweden and other partners, but VITAL Integration is the supplier that is responsible for the majority of the services provided. For VITAL Integration, the agreement is estimated to have a total potential over 4 years of min 30 MSEK. Within Nacka municipality there are currently 1,500 citizens needing digital home care solutions, but this number is expected to increase during the coming years.
Read more about the tender here:
Nacka municipality is the first municipality in Sweden that purchases Digital Care as a service and a function rather than individual alarm products for their citizens, but several municipalities in Sweden intend to procure digital care services during 2018. Approximately 30 municipalities per year in Sweden procure/renew their care programs annually. Today there exist app 200.000 safety alarm users in Sweden, which is the first target market for digital care services. In general, the revenue from this alarm service is app 1000 SEK/user and year. The potential cost savings for a municipality are significant and have been estimated by authorities through a website calculation tool; Välfärdsnurran. An average sized municipality in Sweden may achieve millions in cost savings over a couple of years.
The due diligence process with Vital Integration have been initiated and is estimated to be finalized by the end of April.
For further information, please contact:
Catharina Borgenstierna, CEO
Telephone: 0733-93 00 07
David Rodriguez, VD VITAL Integration Telefon: 0723-944 419
About Camanio Care
Camanio Care is a care tech company, developing services with the individual in focus. The company offers solutions within robotics, assistive devices, and gamification, with products such as BikeAroundTM, Bestic®, and GiraffTM. Through three focus areas; Active Life, Mealtime and Digital Care, the company wishes to support people’s basic needs and increase the competence and quality within health care.
Camanio Care has its headquarters in Stockholm, Sweden, a subsidiary in the U.S., as well as distributors in China, Australia and ten European countries. Subscribe to our newsletter and/or read more about us, Camanio Care at: www.camanio.com.
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This information is information that Camanio Care is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, on March 27th, 2018.