Cello Health sells Pulsar

Cello said selling Pulsar would allow it to focus investment on its higher growth and higher margin healthcare business, as well as supporting developing its core Signal business.

The purchase of Pulsar – which is made up of Fenix Media Limited and Face US Inc – will be through the issue of 8,653,846 ordinary shares of 5 pence each in the capital of Access Intelligence and a payment in cash of £1.

Access Intelligence is a media, PR, corporate communications and reputation management software business. Its technology is used by more than 3,000 global organisations. For the year ended 30 November 2018, Access Intelligence generated Adjusted EBITDA of £0.03m and statutory losses before tax of £1.7m from revenues of £8.9m. As of 31 May 2019 it had net assets of £9.4m.

For the year ended 31 December 2018, Pulsar generated unadjusted losses before tax of £1.0m from unaudited revenues of £7.0m and, as at 30 June 2019, had gross assets of £3.2m.

Cello said it would continue to use Pulsar in partnership with Access Intelligence "where there is mutual client opportunity". Outside of the Cello partnership, Access Intelligence can not solicit Pulsar business from, or provide the Pulsar service to, certain Cello healthcare customers for 24 months post completion.

Mark Scott (pictured), chief executive of Cello said: "We are delighted that Pulsar can now begin the next stage in its development as a business while enabling Cello to focus on its core healthcare activities. We look forward to the ongoing partnership with Access Intelligence, both as a shareholder and as an ongoing user of Pulsar."