Australian Medtech Firm RxMx Taps KPMG for Investor Hunt
(Bloomberg) -- RxMx Corp. is working with KPMG Corporate Finance as the Australian medical technology company is looking for new investors to back its overseas expansion, according to Chief Executive Officer George Hunnewell.
The privately-held company is weighing selling a minority stake and recently approached prospective investors including private equity firms and venture capital funds with experience in medical technology, Hunnewell said. RxMx could also consider a majority stake sale should there be a suitable owner, he said.
RxMx is looking to “find a partner firm that can make introductions to customers, to other reseller vendors in the market, or assist with acquisitions to really grow the business,” Hunnewell said in a phone interview on June 1.
RxMx provides solutions that help pharmaceutical companies launch and support specialty medicines, such as patient monitoring and patient reported outcome studies through automation, according to its website. The company expects its revenue to reach as much as A$37.7 million ($26 million) for 2020, after posting A$23 million last year, Hunnewell said.
The majority of RxMx's income currently comes from the U.S., while it's getting new contracts in Europe, according to Hunnewell. The company is also developing a coronavirus tracing platform for offices.
The digital health-care sector has seen an influx of investment as hospitals and drug firms adopt more automated models of patient care that could lower the costs of high-touch treatment and improve outcomes. In Australia, medical case management provider ExamWorks Group Inc. purchased examination data platform Unified Healthcare Group Pty Ltd. for an undisclosed amount last year, while Affinity Equity Partners has recently been weighing a sale of software company MedicalDirector, according to reports from the Australian Financial Review.
©2020 Bloomberg L.P.
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