TUNSTALL HEALTHCARE ANNOUNCES THE ACQUISITION OF STT CONDIGI
February 3rd 2012: STT Condigi, a leading provider of technology and services to the elderly home care and nursing home markets in the Nordic region, has announced today that it has entered into an agreement to be acquired by Tunstall Healthcare Group Limited, a leading telecare and telehealth provider based in the UK. Subject to the receipt of mandatory competition clearances, the transaction is expected to close at the end of February 2012. Kristoffer Axelsson, the STT Condigi CEO, will lead the combined Nordic business. Financial details of the transaction were not disclosed.
Headquartered in Malmo, Sweden STT Condigi has businesses in Sweden, Denmark, Finland and Norway as well as a growing export division. STT Condigi has been built from its suite of software services which are provided to local authorities and providers of care in the community which allow carer optimisation, mobile planning, activity reporting and mobile alarm handling. In addition it offers a range of independent living products as well as communications systems for nursing homes.
Torbjorn Olsson (Investment Manager), of the majority shareholder of STT Codigi, the 6th AP Fund said, ‘’we are delighted to have negotiated the sale of STT Condigi with Tunstall Group. The two companies complement each other well. We have been pleased with both STT Condigi’s strong development and market position in the Nordics which we believe will be of great benefit to Tunstall. In addition, the management performance of STT Condigi has been excellent and we feel they will enhance and strengthen the combined Tunstall/STT Nordic business.
“The decision by the board to join forces with Tunstall is a very positive move that is good for our business, employees and our customers,” said Kristoffer Axelsson, Chief Executive Officer of STT Condigi. “Tunstall has over 50 years experience of innovation and a true commitment to improving lives and enabling people to live more independently, which is perfectly aligned with STT Condigi’s mission. By joining with Tunstall, STT Condigi will have access to world class monitoring software and centres into which our applications will add extra services for our customers. In addition STT Condigi will have unprecedented access to Tunstall’s engineering, manufacturing and product portfolio as well as its global operating resources. This transaction will allow STT Condigi to rapidly accelerate the scope of our portfolio in both remote monitoring and call centre solutions thereby benefiting our entire customer base.”
Gil Baldwin, Chief Executive Officer of Tunstall Healthcare commented “It is clear that STT Condigi will make a very positive addition to the Tunstall Group. Our visions are aligned and we complement each other in a number of areas. STT Condigi is a leading provider to our market and has a set of products and services that will enhance our offering and presence both within the Nordic countries and across the rest of the Tunstall Group. STT Condigi brings a strong track record of growth and innovation upon which we want to build. I am confident that together we will accelerate our delivery of leading edge products and services to our customers and all those who depend on us to live their lives as they wish – with independence and dignity. We welcome Kristoffer and his team to our Group’’.
Castlegreen Partners served as financial adviser and Linklaters Advokatbyrå Aktiebolag served as legal adviser to Tunstall. Danske Bank acted as exclusive financial adviser and Mannheimer Swartling Advokatbyrå Aktiebolag acted as legal adviser to the Shareholders of STT Condigi in this transaction.
Tunstall is a leading provider of telecare/telehealth solutions. Operating in more than 30 countries and employing over 1,800 people, Tunstall supports 2.5 million people around the world. Tunstall's philosophy is simple - to protect, support and care for people - by providing healthcare technology and services that enable anyone requiring support and reassurance, such as older people or those with long term needs, to lead an independent life with dignity and reassurance.
Tunstall provides complete and fully-integrated telecare and telehealth solutions for home, assisted living and specialist care environments, hospital communication systems, associated support services, response centre software systems and monitoring services.
More information is available at www.tunstall.co.uk.
About STT Condigi
STT Condigi is a leading Nordic supplier of systems for safe, efficient care with a presence in the Nordics through wholly-owned subsidiaries and in Europe via a well developed distribution network. For more than 30 years, the company has developed its own products and complete solutions that streamline care work and provide care recipients with a higher level of safety.
STT Condigi has a broad range of skills and offers safety solutions for all types of residents, such as alarm systems for elderly residents in their own homes or complete internal systems for sheltered accommodation. We also offer ultra-modern equipment for alarm reception and advanced administrative systems for more efficient care. Our aim is both to increase safety for elderly and functionally-impaired people and to improve work conditions for care personnel, while also making care work more cost-effective.
STT Condigi has offices in Sweden (Malmö, Stockholm and Umeå), Denmark (Århus), Finland (Tampere) and in Spain (Madrid) and has a turnover of approximately 230 MSEK.
For more information, visit www.sttcondigi.com