3 February 2012: STT Condigi, a leading provider of technology and services tothe 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 providerbased in the UK. Subject to the receipt of mandatory competition clearances, thetransaction 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 STTCodigi, the 6th AP Fund said, we are delighted to have negotiated the sale of STT Condigi with Tunstall Group. The two companies complement each otherwell. 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 KristofferAxelsson, 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 extraservices 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.