Singapore's HMI Group to buy healthcare tech platform MHC Asia

The following article was originally published in The Business Times.

SINGAPORE regional healthcare firm HMI Group said on Monday (May 15) that it has signed a deal to fully acquire local healthcare technology platform MHC Asia Group, without disclosing the value of the transaction.

The acquisition will help HMI to tap into the digital healthcare space in South-east Asia, which has an estimated market size of US$11 billion by 2027, and give the combined group a revenue base of over S$350 million, HMI said in a statement.

Together, the group will also serve over three million patients annually across digital and physical services ranging from telemedicine to ambulatory and inpatient care, HMI said.

Founded in 1998, HMI owns 45 primary care and health screening centres, 15 specialist centres, and an 11-storey ambulatory care centre, in addition to a panel of some 1,500 primary and specialist clinics through its medical benefits network in Singapore.

It also owns two tertiary hospitals in Malaysia, according to the statement.

HMI, previously known as Health Management International, was taken private and delisted from the Singapore stock exchange by Swedish private equity firm EQT in 2019 for S$611 million. REUTERS