1stAvailable to list on stock exchange after raising $5.3m
Online appointments booking service 1stAvailable.com.au is set to list on the Australian Securities Exchange (ASX) this week after raising $5.3 million in its initial public offering (IPO).
While it had hoped to raise $10m, the new capital has allowed it to move ahead with its purchase of three other online booking services: GOBookings, DocAppointments and Clinic Connect.
In a statement to investors, 1stAvailable managing director Klaus Bartosch said that with the IPO complete, the company will be focused on its plans to build a one-stop shop for healthcare consumers.
“This investment will serve us well in the future, and with the support of our shareholders, 1stAvailable is now better placed than ever to market our services and sign up additional practices from across the healthcare spectrum,” Mr Bartosch said.
“My management team has been preparing for the day when online bookings become commonplace by investing heavily in the look and feel of the site for the patient and integrating our site with the most widely used practice management systems.”
According to its prospectus, 1stAvailable expects to pay $2m in cash and $1.5m in shares for GOBookings, $156,000 in shares and an 'earn-out' over a two-year period for Clinic Connect and $180,000 in cash and $40,000 in shares for DocAppointments.
Clinic Connect is one of the most established players on the online bookings market and uses GOBookings' technology, but only accounts for about 127 practices and $13,000 in monthly revenue. It takes on average 13,000 bookings a month.
DocAppointments is one of the newer players, having been established in 2011, and has 77 practices and $10,000 in monthly revenue on the books. It does about 12,000 monthly bookings.
1stAvailable itself has 200 practices on the books but only does on average 4,500 bookings per month for revenue of $22,000.
GoBookings is the largest and longest-standing asset, having been established in 2000 to provide online healthcare appointment booking services to government agencies and corporates including companies, universities, hospitals and pharmacy chains. It manages on average 43,000 bookings per month for 134 government and corporate subscribers with monthly revenues of $80,000.
In addition to incorporating the extra functionality that DocAppointments has built over the years – including its self check-in app and repeat prescription functionality – 1stAvailable expects to migrate both DocAppointments' and Clinic Connect's existing patients and practices over to its platform.
1stAvailable plans to integrate some of GOBookings' technology into its own platform.
As Mr Bartosch told Pulse+IT last month, he plans to build the 1stAvailable platform on a national scale and to provide consumers with a site where they can make all of their healthcare bookings online rather than have individual apps that they soon forget about.
The plan is to also explore the potential to provide portal functionality so patients and their various healthcare providers can interact beyond just making appointments.
For healthcare providers, 1stAvailable has worked to integrate with 15 major practice management systems.
“We want to have services all in one place, providing convenience for the consumer and simplicity for the practices,” he said.
Posted in Australian eHealth