Acquisition of 70.80% stake in Miljon Medi APP

Acquisition of 70.80% stake in Miljon Medi APP - Insights Success

Mumbai, Thursday, June 14th, 2018: GlobalSpace Technologies Limited (BSE: 540654), a fast-growing new-age technology company today announced the acquisition of 70.80% stake in Miljon Medi APP for an undisclosed sum.

Miljon Medi APP is a health tech startup with B2B Digital Platform (“Platform”) that connects Generics pharmaceutical manufacturers to the entire Pharma channel till retail chemist. The company claims to have some of the leading Generics Manufacturers already on the Platform with an existing network of around 73 distributors & 9380 Chemists as its active users. Company’s vision is to enable quality & certified generics reach the last mile so as to benefit the patients.

For GlobalSpace, it’s a strategic acquisition which would further consolidate its vision of creating truly integrated digital healthcare ecosystem. The company is having thought leadership in creating a digital platform for Pharma sales force & Doctors.

Commenting on the transaction, Mr. Krishna Singh, MD, GlobalSpace said “This is a synergistic acquisition for us, we have already built an evolved digital platform for Pharma distribution including ERP, Mobile & Web app, it would provide the much-needed technical scalability & viability to Miljhon Mediapp. Merging GlobalSpace’s tech platform with Miljhon’s existing network would surely provide us the initial impetus to grow this platform to be India’s largest Pharma channel network. 

About GlobalSpace Technologies:

Founded in 2010, Globalspace Technologies is a BSE SME listed, a fast-growing technology company, working in the domain of cutting-edge technologies like cloud, big data, artificial intelligence, robotics and machine learning. The Company has a domain expertise and thought leadership in healthcare technology where its products and solutions are used by over 25 leading pharma and healthcare companies.

The company recently announced its Annual results for FY 17-18, Total revenue for the year ended March 31, 2018, stood at Rs 29.2 crore, as compared to Rs 17.3 crore in the same period last year, a growth of 69%. Net Profit for FY18 stood at Rs 2.3 crore, as compared to Rs 1.03 crore in FY17, a growth of 127%.

 About Miljon Medi APP: 

Miljon Medi APP LLP founded in 2017, is the pharma marketing company & Medi APP is first & the only digital B2B platform connecting all elements in the pharma distribution channel. It has tied up with 9380 chemists and 73 distributors. Mr. John Kuriakose, A Pharma industry veteran leads the company as its CEO, Mr. John would continue to head MilJohn post-acquisition also.

For more details please visit www.globalspace.in 

For any further details, please contact:

Swati Arora/Aruna Pradeep

GlobalSpace Technologies

investors@globalspace.in/aruna.pradeep@globalspace.in 

Rajeev Menon/ Pooja Dokania

Credo Advisors (Investor Relations)

rajeev@credoadvisors.in / pooja@credoadvisors.in

Note: Certain statements made in the document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward-looking statements. GlobalSpace Technologies Ltd will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

 

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