Main Capital Partners has acquired VideoVisit, a Finnish provider of software services for virtual healthcare and online consultations. No financial terms were disclosed.
Software investor Main Capital Partners (“Main”) today announces the acquisition of a majority stake in VideoVisit, a leading provider of software services for virtual healthcare and online consultations. VideoVisit represents the first platform investment for Main in the Finnish market.
VideoVisit is a market leader in Finland with over 200 municipalities as customers, including Helsinki, Espoo, Vantaa, Tampere and Turku. VideoVisit provides a best-in-class software platform that is designed to digitalise both healthcare and social care visits. Its virtual care platform enables a wide range of healthcare services, including primary care, home care, home rehabilitation and disability services.
For home care the VideoVisit platform enables remote care services for people via video connection. Through its easily accessible platform, elderly clients and home care recipients can connect with doctors, care providers and even family members, to allow a longer, happier and improved quality of life at home.
The vast suite of solutions offered has been designed and perfected for easy use by patients, families and care providers alike, while complying with high security and data protection requirements within the healthcare sector.
Growing need for virtual care services
Main’s investment in VideoVisit highlights the growing importance and value-add of virtual care. The market for telehealth & telemedicine has rapidly grown in recent years as a result of COVID-19. This upward trend is predicted to continue to grow by 27% annually in the coming six years. This forecast is driven by several factors including the increasing adoption of technology, rising healthcare expenditure and an aging population demographic.
Juhana Ojala, Chief Executive Officer at VideoVisit, commented:
“VideoVisit’s solutions provide extensive benefits to both healthcare recipients and organisations more broadly. Our service is proven to be 85% more cost efficient than physical home care while also easing the workload for healthcare providers. More than 50 % of the virtual care visits on our platform are made by nurses who ensure that the correct medication is taken at the right time by their elderly patients. Travel time can also be saved and allocated to more demanding home care clients who absolutely require a physical presence.”
Digital solutions to fight elderly loneliness
VideoVisit’s software was initially developed by Ojala’s family to improve communication with a sick relative who lived very far away. VideoVisit has since enjoyed rapid growth and success, establishing itself in the Finnish home care market as a leading solution to help elderly people fight loneliness and increase their personal safety. The platform is easy to access via a special tablet that is always on standby, making it straightforward for the elderly to connect with their care providers whenever they may need assistance. The solution also promotes social interaction, such as group dining sessions, so that nurses can ensure their elderly patients eat properly and enjoy social interaction.
VideoVisit is currently exploring multiple growth opportunities, with the support of Main, by offering complementary solutions to existing customers in the Finnish market and through an internationalisation strategy including both partnerships and selective buy-and-build acquisitions.