Sale of BroadCare opens up innovation opportunities
We have announced the sale of BroadCare, one of our technology products that sits within fuse, our innovation incubator.
BroadCare, run by Nicola Joyce, is a comprehensive tracking and reporting system designed to manage all aspects of NHS-funded continuing healthcare. We developed BroadCare to automate an otherwise unwieldy process and, since its inception, it has been widely adopted by Clinical Commissioning Groups and Commissioning Support Units across the country.
Successful as the software has been, it’s important that we maximise the value of all our products. BroadCare’s Client base is limited to the healthcare market and, as such, we decided that it would be better suited to an organisation already providing a range of services in this sector. Carehome Selection Limited, which is part of CHS, fits this bill – a long established, specialist service working with the NHS to help people find a care home. They have agreed to purchase BroadCare for £4.4m.
Our focus remains unchanged. Whilst a portion of the proceeds will go towards reducing our net debt, we want to ensure that as Group we are always on the front foot when it comes to delivering transformative products and services. We will therefore be putting the remaining funds towards further innovations within fuse.
David Morgan, MISSION's Executive Chairman says, “We are delighted to see the crystallisation of significant value from BroadCare and wish Nicola Joyce and her team every success with CHS. Thanks too, to Giles Lee who led and managed the transaction on behalf of themission.”