SYDNEY, Australia and MINNEAPOLIS, April 12, 2018 (GLOBE NEWSWIRE) -- Medibio Limited (MEB or the Company) (ASX:MEB) (OTCQB:MDBIF), a mental health technology company, announces the completion of the acquisition of Vital Conversations.
Integrating Medibio’s objective mental health technology platform with Vital Conversations knowledge, experience and market position, has enabled the development of a unique comprehensive corporate health product. In addition to providing unique insights into individual and organizational mental health, Medibio is now equipped to work directly with corporations to improve health and performance.
Corporate Health SVP, Peta Slocombe, highlighted that, “objective measurements of mental health empowers organisations to better understand their individualised workforce above standard population information. This data empowers organisations to go beyond satisfactions surveys to identify which programs or initiatives are most effective.”
The acquisition expands Medibio’s presence across Australia and the United States. The Corporate Health business unit is actively engaged in securing contracts for products and services with multiple entry points tailored to organizational need. The new business unit will aim to reduce the burden of mental health conditions on individuals and organizations and to realize cost savings.
Jack Cosentino, CEO and Managing Director stated, “The ongoing support of our corporate advocates from Australia’s Biggest Mental Health Check-in have been an invaluable resource. We are positioned to lead in providing a measurable and objective methodology for improving employee mental health whilst driving a realizable 2x to 3x return on investment for corporations. As we secure contracts and commence launch of the product line over the upcoming months, we will update the market.”
As previously outlined the acquisition price of $500,000 was funded by cash and shares.
About Medibio Limited
Medibio (ASX:MEB) (OTCQB:MDBIF) is a mental health technology company that has pioneered the use of objective biometrics to assist in the screening, diagnosing, monitoring and management of depression and other mental health conditions. The company was founded in Australia, with offices now located in Melbourne (Vic), Perth (WA) and Minneapolis, MN. Medibio is listed on the Australian Securities Exchange Ltd and trades on the OTCQB Venture Market. Investors can find additional information on www.otcmarkets.com and www.asx.com.au.