Acquires the Assets of Competitor Pharmapod Limited - Strategic deal will extend Think's clinical electronic data capture footprint
- SaaS acquisition to be accretive and expected to expand Think's software reach
TORONTO, Nov. 4, 2021 /CNW/ - Think Research Corporation (TSXV: THNK) ("Think" or the "Company"), a company focused on transforming healthcare through digital health software solutions, is pleased to announce today it has acquired the assets of Pharmapod Limited ("Pharmapod") through a receivership process in Ireland (the "Transaction") pursuant to the terms of a business purchase agreement dated November 4, 2021 (the "Business Purchase Agreement"), between Think, Pharmapod, a receiver appointed in respect of Pharmapod, and Think's wholly-owned subsidiary, Think Research (EU) Corporation Limited ("Think Research EU"). Pharmapod operates a software as a service ("SaaS") electronic data capture solution that reports medication errors to improve patient safety and simplify pharmacy reporting.
Through the Transaction, Think will be uniquely positioned to service pharmacies, hospitals and long-term care facilities around the world by building upon the current reach of Think's electronic data capture solutions and client base. Pharmapod services more than 9,000 pharmacies throughout Canada, the United Kingdom, Ireland and Australia, including over 7,400 pharmacies in Canada, representing 65% of all Canadian retail pharmacies.1Pharmapod also services a certified US retail online pharmacy, with fulfillment locations throughout the continental United States.
Pharmapod's system was designed by pharmacists and consists of a comprehensive suite of electronic data capture tools to help clinicians not only document medication incidents, but also analyze clinical data. This allows knowledge to be shared nationally and internationally, enabling healthcare professionals to put procedures in place to reduce errors at a global level. That data is valuable not only to existing Pharmapod clients, but also to current and future pharmaceutical clients of Think. The footprint of Pharmapod is also expected to enhance Think's ability to extend its digital referrals footprint.
The Transaction builds on the Company's recent momentum and scale following previous acquisitions including Bio Pharma Services Inc., a leading global contract research organization.
Think CEO Sachin Aggarwal said, "Think is going through an exciting period of growth. We are driven to transform healthcare through digital health solutions and are scaling up to achieve our goal of creating change on a global level. We see great synergies with Pharmapod and are eager to increase our offerings to our growing network of international clinicians."