Over two years since it was first acquired, GP2U Telehealth is being sold off again.
Its parent company, UK-based Doctor Care Anywhere Group, signed a share purchase agreement to sell its Australian subsidiary to My Emergency Doctor for A$3 million ($2 million).
The deal, which is still subject to shareholder approval, is expected to be completed by end June.
WHY IT MATTERS
In a media release, DCA said it decided to sell GP2U to focus on its core UK market. “Completing the sale of GP2U will further cement this strategy, enabling management to focus on UK growth and profitability going forward,” said DCA Chairman John Stier.
“We are also delighted that GP2U will become part of such a capable and exciting business as MED. As shareholders in MED, we are excited to be involved in their journey and look forward to working with them in the future,” he added.
Founded in 2016, MED provides acute care after hours via video and phone across regional Australia. It has partnerships with over 40 healthcare services, including ambulances, primary health networks, residential aged care facilities, hospitals, urgent care centres and multi-purpose centres.
THE LARGER CONTEXT
Almost a year after it went public in Australia, DCA bought GP2U in September 2021 to take on the local telehealth market amid the public health crisis. It aimed to support the mental health of Australian people living in remote and rural areas by providing online mental health services, which GP2U mostly provides through its Psych2U brand.