FRISQ Holding AB divests its operational business to Cambio for SEK 40 million
On Monday 31 October 2022 at an extra shareholder’s meeting, a decision was taken to accept the previously communicated binding, conditional offer from Cambio Healthcare Systems AB ("Cambio") to acquire FRISQ's operational business for SEK 40 million. The board intends to replace FRISQ AB with an acquisition of a new business during Q4 2022.
Cambio's acquisition of FRISQ Holding AB's subsidiary FRISQ AB (the operational business) for SEK 40 million is divided into a purchase price of SEK 31 million upon closing and an additional purchase price of SEK 9 million within a 6-month period. The outstanding loans from Cambio of SEK 9 million will be deducted from the initial purchase price. The closing of Cambio's purchase is tentative planned for December 1, 2022. From November 1, 2022 and until the closing of the transaction takes place, Cambio will assume the financial responsibility for FRISQ AB's operational business.
The software solution FRISQ Care enables the creation of personalized, digital care plans that facilitate collaboration and secure information sharing between care teams, doctors and patients through the same platform. The software solution can also generate valuable insights at all stages of the care plan.
"Although FRISQ enables great time savings and improvements for both healthcare staff and patients, the barriers have been big for a small private company like FRISQ to scale up the implementation of the system – primarily within the regional, public health care system, where the largest part of both nursing staff and patients are found. With Cambio as the owner, we have bigger potential for significantly faster and better access to the public healthcare system," says Mats Lindstrand, Acting CEO, in a comment.
"We are very pleased to welcome FRISQ, its employees, partners and customers to Cambio. With FRISQ's expertise in care process support, we are now broadening our competence and our offer to our customers. When we connect the functionality with Cambio COSMIC and Min Hälsa, we enable even better communication between healthcare provider and patient, while at the same time creating the conditions for improved use of valuable resources in healthcare", says Rami Avidan, CEO at Cambio.
FRISQ's board of directors intends to return as soon as possible after completion of the transaction with more information regarding a new potential business with high potential to create great value for the shareholders that can replace FRISQ's current operational business.