Cello Group has bought the Surrey-based healthcare communications agency iS Healthcare Dynamics for £2.5m.
Approximately £2m will be paid in cash, with the remaining balance paid by the issue of 567,376 new ordinary shares.
Further cash consideration will be paid to vendors on a pound for pound basis to the extent that net current assets are more than £500,000 at the date of completion. Additional payments of up to £3.3m will be made depending on performance over the period to 31 December 2016.
The 50-staff strong iS Healthcare Dynamics was established by Isaac Batley and Steve Smith in 2003 and is based in Farnham, Surrey. Staff numbers and location will remain unchanged and iS Healthcare Dynamics will sit within the recently restructured Cello Health, Cello Group’s finance director Mark Bentley told PMLiVE.
In a statement, Batley and Smith said: “Our vision is to make a sustainable and beneficial change for patients, health services and our clients. The proposition is built on real customer understanding and insights that drive excellent strategic and creative thinking and delivery.
“The partnership with Cello Health and the broader Cello Group will significantly add to our offer and give us immediate access to like-minded people. It also offers us the capability to expand our geographic reach and breadth of solutions.”
Batley and Smith will report to Cello Group chairman Stephen Highley.
“Effective evidence based communications is a key imperative for our clients. iS adds significant strength and expertise in this area and complements Cello’s previous acquisitions,” said Highley.
“The acquisition of iS provides us with a significant global footprint in medical communications.”