'World leading' provider of remote care aims to expand its reach after Santander UK package agreed
Physitrack, which claims be the ‘world leader in remote patient care’, is poised to expand its reach after Santander UK confirmed that a new funding arrangement had been agreed. Physitrack has also switched its day-to-day banking to Santander UK.
Charlotte Goodwin, Physitrack’s chief financial officer, said: ‘This funding will allow us to invest in a number of growth opportunities in this rapidly growing and exciting space as well as provide us with financial security and headroom.'
A UK-registered company, Physitrack was created in 2012. Its digital platform enables healthcare professionals – most of whom are physiotherapists – to provide remote care to patients, including access to clinical home exercise and physical education as well as outcome-tracking for physical rehabilitation and injury prevention.
Physitrack has also developed a holistic health and wellness platform – known as Access – which gives customers an app that is designed to address all their care needs in one place. The company’s clients include private and public healthcare providers, such as hospitals and health centres, as well as insurance companies and large employers.
What's the deal?
Santander UK has agreed to give Physitrack a £5 million ‘revolving credit facility’. This package will support the company’s international expansion plans, acquisition strategy and working capital requirements. The sum includes a ‘deferred consideration payment’ connected to Physitrack’s acquisition in May of Champion Health, a Sheffield-based workplace wellbeing tech company. The acquisition will help Physitrack to fulfil its ambition to move into the virtual healthcare and wellbeing fields – as Champion Health provides a digital employee wellbeing platform with lifestyle support, such as physical and mindfulness exercises.
This funding will allow us to invest in a number of growth opportunities in this rapidly growing and exciting space as well as provide us with financial security and headroom [Charlotte Goodwin, Physitrack]
Revenue growth confirmed
As the impact of the Covid-19 pandemic grew, many organisations saw the potential of forging links with companies with digital expertise, such as Physitrack. As a result of this trend and other developments, the company’s revenue grew from £5.1 million in 2020 to £6.9 million in 2021. It is aiming to increase its annual revenue growth by 30 per cent in the medium term.
Physitrack has clients in 187 countries and a physical presence in the UK and other European countries, the USA, Canada and Australia. The company plans to expand organically by attracting new customers in its existing locations as well as new countries such as Brazil. It also intends to grow through its acquisition strategy, particularly in the UK and USA.
For more information about Physitrack, visit: www.physitrack.co.uk
Santander UK recently launched a digital subscription platform that aims to support UK companies with international growth. Businesses can sign up and pay a subscription to access a personalised service. To find our more about Santander Navigator, visit: www.santandernavigator.co.ukAuthor: Ian A McMillan