Sale of Tictrac to Dialogue Health Technologies
Sale of Tictrac to Dialogue Health Technologies
Leading UK healthcare SaaS business acquired by Canada's premier wellness platform
Global transaction accessing large North American buyer
Aligned strategy to improve health outcomes for global client base
finnCap Cavendish, part of finnCap Group plc, is pleased to announce it has advised on the sale of TicTrac Ltd, the UK-based SaaS provider of a global health and wellness platform, to Dialogue Health Technologies (‘Dialogue’), Canada’s premier virtual healthcare and wellness platform, for up to $56 million Canadian Dollars. The transaction is expected to close within c.30 days and is subject to customary conditions for a transaction of this nature.
TicTrac supports employers and insurance partners, engaging their employees and customers to improve overall wellness, and driving positive outcomes through meaningful insights. Its go-to-market strategy includes both a business-to-business (“B2B”) approach as well as a business-to-insurance (“B2I”) approach, working with four of the largest global insurance companies.
According to Dialogue, the acquisition of TicTrac represents a unique opportunity to accelerate the development of Dialogue’s Integrated Health PlatformTM (“IHP”) through the addition of a high margin, SaaS-based digital health and wellness offering.
The global and Canadian corporate wellness markets are significant, fragmented, and rapidly growing, valued at US$58 billion1 ($73 billion) and US$2.7 billion2 ($3.4 billion) respectively.
The deal is earnings accretive and from a preliminary analysis Dialogue predicts that annual recurring revenue synergies of $8 to 10 million by the end of 2024 could be achieved.
The two companies share similar operating cultures of challenging the status quo and are strategically aligned in their respective missions to improve health and well-being. Martin Blinder, co-founder and Chief Executive Officer of TicTrac, will continue to lead the TicTrac team, reporting to Cherif Habib, Chief Executive Officer of Dialogue.
The deal was led by Mike Dinsdale, Director at finnCap Cavendish, John Farrugia, Managing Partner, Hugh Ripley, Senior Associate, and Leigh Webb, Head of Private Equity Sponsor Coverage.
Martin Blinder, co-founder & CEO, TicTrac, commented:
“We’re excited to join Dialogue and to bring our digital well-being and market-leading health engagement together with their diagnosis and treatment capabilities.
I’d also like to thank to the finnCap Cavendish team for being an exceptional partner during this process. Mike and the team provided us with excellent advice and guidance throughout, working tirelessly to ensure the best outcome possible was delivered. As a founder, I couldn’t recommend them highly enough.”
Cherif Habib, CEO of Dialogue Health Technologies, commented:
“We’re thrilled to add TicTrac’s innovative technology, deep expertise, and proven methodology to Dialogue. This acquisition is the largest in our history and contributes directly to the ambitious growth objectives we laid out in our IPO plan a year ago. TicTrac allows us to strengthen our Integrated Health PlatformTM with a highly engaging new service, while also gaining exposure to attractive international markets with strong health and wellness potential.”
Mike Dinsdale, Director at finnCap Cavendish, commented:
“We are delighted to have worked with Martin and the TicTrac team to deliver this transformational deal for the business. TicTrac’s digital wellbeing platform and personalized content for health engagement has already demonstrated global appeal amongst its international client-base. At finnCap, we are passionate about advising entrepreneurial growth businesses, and it has been fantastic working with two companies that have such a clearly aligned strategy to improve health outcomes for its consumers globally.”
Strong strategic and cultural fit for both organisations
Showcase of finnCap Cavendish’s ability to provide its clients a dual-service offering across private growth capital and M&A to ensure the best outcome for shareholders
finnCap Cavendish, part of finnCap Group plc, is pleased to announce it has advised on the sale of The Floow, the UK-based SaaS data analytics platform and provider of connected insurance technology for major carriers globally. The Floow has been acquired by Otonomo, the mobility intelligence company, headquartered in Israel and listed on Nasdaq, for a consideration of up to $69 million. This is the latest in a number of recent cross-border transactions which finnCap Cavendish has advised on.
Over the last decade, The Floow has grown substantially, becoming a pioneer and trusted provider of smartphone-based telematics & data analytics solutions to motor insurers globally. Its data refinery platform enables world leading insurance carriers to introduce connectivity & personalization to their motor products & policies through a more precise understanding of risk based on driving behaviour or usage, whilst always aiming to improve road safety through driver coaching and timely, accurate roadside assistance.
The highly strategic combination of the two companies will integrate The Floow’s risk pricing & data analytics expertise with Otonomo’s mobility intelligence platform and move it closer to the connected car. Along with smartphone data ingestion, this approach will create the richer, more accurate data sets we expect to be increasingly required by insurance carriers at a time when the ownership of data collection swings to OEMs and the vehicle itself.
With this transaction Otonomo joins gains a team of insurance & data analytics experts that can drive their insurance offering to new levels, and includes a level of additional growth capital that will enable The Floow to continue on its growth trajectory.
The deal was led by Anthony Platt, partner at finnCap Cavendish, Jamie Blewitt, Director, and Elliott Jeans, Senior Associate.
Aldo Monteforte, CEO of The Floow, commented:
“I could not be prouder to be joining the Otonomo team. This is a big, bold step that brings us closer to our vision of safer and smarter mobility for all. Our clients and partners, some of the leading insurers of the world, will have access to a significant and unique set of data products, tools and resources to help them compete and thrive in a connected new world ahead.
We really appreciated Cavendish’s excellent advice, their understanding of the business and getting the best outcome for the company by driving the process.”
Ben Volkow, CEO of Otonomo, commented:
“Together, we believe Otonomo and The Floow will create the opportunity for both OEMs and insurance companies to accelerate the utilization of their data, create new products, improve customer experiences and accelerate business transformation.”
Jamie Blewitt, DIrector at finnCap Cavendish, commented:
“The Floow has built an incredibly powerful analytics platform and suite of data products that have started to become critical to the way motor insurers look to personalize their motor policies, which is no mean feat in an industry not known for driving customer retention through innovation. They also had the foresight to pioneer smartphone-based data ingestion a decade ago, possibly ahead of its time, so it makes complete sense for them to partner with Otonomo, the pre-eminent mobility intelligence platform to stay at the cutting edge of data ingestion and analysis as the world’s vehicles become ever more connected. We’re therefore delighted to advise on this significant growth transaction for Aldo and the rest of the team that will see them really strengthen their offering to motor insurers & drivers globally.”
This deal underlines our ability to provide clients with a dual-service offering across private growth capital and M&A to ensure the best outcome for shareholders.”
SRT Marine Systems Plc
finnCap Capital Markets is delighted to have advised SRT Marine Systems plc, the global leader in maritime surveillance, security, management and safety products and integrated systems, on its £5m fundraise.
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