MELBOURNE, Australia—Revenio Group (REG1V: Nasdaq Helsinki), a Finland-based health tech group that is a global leader in ophthalmological devices, signed an agreement on Friday to purchase Oculo, an Australian teleophthalmology and clinical communication platform company focusing on telehealth, remote monitoring, and clinical communications. The company, based here, was founded in 2015 as a spinoff from Centre for Eye Research Australia (CERA). The sellers are several Australian investors and the company's shareholding employees. The execution of the transaction is expected to take place in the beginning of the second quarter of 2021, provided that certain normal conditions are met. The enterprise value is AUD 18.5 million. The acquisition has no effect on Revenio's financial guidance for 2021, the Group said in statement.

The acquisition is an integral part of Revenio’s growth strategy, the Group said in a statement. With the acquisition, Revenio takes a significant step toward software connected eyecare. Also, the acquisition supports Revenio's position as a key player in the field of comprehensive clinical eye diagnostics solutions and opens up new opportunities in the rapidly growing areas of eye-related telehealth and technology-enhanced eyecare models.

“Software technology solutions are significantly enhancing patient eyecare pathways and the clinical processes of eyecare professionals,” said Jouni Toijala, CEO of Revenio. “There are tremendous opportunities in improving the productivity and quality of eyecare, and we see improving the continuum of care through secure communications and teleophthalmology with Oculo as a key.”

He said, “The acquisition of Oculo marks Revenio’s strategic direction and commitment to connecting clinical care pathways and enhancing the clinical information. We see the opportunity of putting the high-quality data that comes from Icare’s range of fundus imaging devices, perimeters and tonometers to even greater use. Oculo’s forward looking approach to connecting clinical teams and bridging their electronic health records and imaging systems is unique. We also share a similar set of values that are driven by the ambition and commitment to exceed the customer expectations. I am extremely happy to welcome Oculo to join Revenio’s global and innovative team of professionals.”

Dr. Kate Taylor, Oculo’s co-founder and CEO commented, “Our new partnership with Revenio recognizes that we have built a teleophthalmology and clinical communication solution that is needed by eyecare professionals around the world. We started with a vision to transform clinical eyecare and collaboration. We are delighted that Revenio shares this vison and are looking to expand it globally.”

Professor Jonathan Crowston co-founded Oculo with Dr. Taylor while he was managing director at CERA. Professor Crowston, who is currently at the Duke-NUS Medical School and Singapore Eye Research Institute, remarked, “Eyecare is so reliant on imaging and functional assessment of the eye. More than almost any other specialty, eyecare needs to digitize care. The era of teleophthalmology is clearly upon us. Both through Oculo and looking to the potential impact of home monitoring, I’ve seen how better tools and data can translate to better patient care.”

The Revenio Group comprises Revenio Group Corporation, Icare Finland Oy, Icare USA Inc., Revenio Italy S. R. L, CenterVue SpA, Revenio Research Oy, Done Medical Oy, and Oscare Medical Oy. In 2020, the Group's net sales totalled €61.1 million, with its operating profit standing at MEUR 17.1. Revenio Group's ophthalmic diagnostic solutions include tonometers, retinal imaging devices, and perimeters under the iCare brand.