Verdant Capital, a Mauritius-based corporate finance firm operating across Africa, has advised On Track Innovations (OTI), an Israel-based provider of products such as cashless payment systems, on its recent sale of MediSmart, a medical information management platform focused on the East African market. Smart Applications International, a biometric technology firm based in Kenya, paid USD 2.75 million for MediSmart, which has annual revenues of approximately USD 1.5 million. According to Verdant Capital, “By enabling efficient patient identification and claims administration, MediSmart facilitates the broadest possible access to medical insurance.”
OTI, which is traded on the US-based Nasdaq Stock Market, completed the sale in partnership with its South African subsidiary, OTI Petrosmart. OTI has a market capitalization of USD 32 million as of February 2019.
Founded in 2007, Smart Applications reports serving 1 million people in five countries via 45 clients.
Verdant, which has offices in the Democratic Republic of Congo, Ghana, Mauritius and South Africa, provides capital raising and financial advisory services as well as merger and acquisition advice. The firm is a member of International M&A Partners (IMAP), a Spain-based advisor to mid-sized companies and their shareholders on corporate sales and acquisitions. IMAP reports closing “200 successful transactions annually varying from USD 20 million to USD 300 million.”
Sources and Additional Resources
OTI press release
https://investors.otiglobal.com/2018-12-06-On-Track-Innovations-Ltd-Announces-Agreement-to-Divest-Non-Core-Legacy-MediSmart-Division
Verdant news item
http://verdant-cap.com/ferme-jambo-feeding-the-future/
Profile on MediSmart from OTI Petrosmart
https://www.otipetrosmart.com/products/medismart/
Smart Applications International
http://www.smartapplicationsgroup.com
Verdant homepage
http://verdant-cap.com
IMAP homepage
https://www.imap.com
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