Puma Private Equity has sold its stake in digital wellbeing platform Tictrac to Canadian healthcare platform Dialogue Health Technologies Inc in a £35m deal.
It is Dialogue Health Technologies’ largest acquisition to date and gives Puma Private Equity a 38% internal rate of return two years after making its investment.
London-based Tictrac’s software is used by businesses to provide health and wellbeing support to employees.
Tictrac provides content to users and collects data via wearable fitness trackers to give users advice and action plans. Its primary customers are insurance companies.
Competitors include workplace mental health startup Oliva, which recently raised £4.84m in its seed funding round.
Dialogue Health said it will integrate Tictrac into its existing platform offering and will provide an initial closing cash payment of £15m, with the remainder “payable upon achievement of certain revenue milestone”.
The deal is expected to close within 30 days.
“It’s been an exciting journey supporting Tictrac over the past two years,” said Rupert West, managing director, Puma Private Equity.
Puma invested £5m into Tictrac in June 2020 in a £6m investment round, with total funding standing at £13.5m.
Puma Private Equity is a venture capital that invests in SMEs in all markets in the UK, typically making investments of £2 to £10m.
“This type of business plays an increasingly important role in society, especially as companies focus more on how they support the health and wellbeing of their employees, something which has become even more relevant through the pandemic,” added West.
The post Puma Private Equity sells £35m stake in digital wellbeing firm Tictrac appeared first on UKTN | UK Tech News.
