As part of Wilmington, Wellards will become the principal education and training platform for the Insight division and will benefit from Wilmington’s enhanced healthcare market access, both in the UK and in mainland Europe.
Wilmington is acquiring Wellards for an initial consideration of £4.2m payable in cash. Wellards is being acquired with £1.3m of cash in its balance sheet. A final payment of up to £0.9m in March 2016 will be made once the final net current asset position has been agreed.
Wellards, established in 1990 is based in Kent, England and is managed by its founder John Heath, CEO who will remain with the business for a transitional period of one year.
Wellards runs over 70 online courses and has more than 25,000 registered users. Subjects covered include critical areas for pharma industry representatives such as market access and financial flows, clinical modules of key therapy areas such as cancer, diabetes and cardiovascular health, ABPI code and compliance. Over 70% of its revenue is generated by its online training portal, Wellards Academy, which services the needs of UK pharmaceutical and Medtech commercial staff.
In the twelve month period ended 31 October 20151, revenue per the unaudited management accounts was £2.0m, an increase of 12 percent on the same period in 2014 and the adjusted profit before interest, amortisation and taxation was £0.6m1. Gross assets were 2.0m1. Over 70% of its revenue is subscription based with over 90% renewal rates.
Pedro Ros, Chief Executive Officer of Wilmington, said: “I am delighted to welcome Wellards to Wilmington; its addition completes one of our strategic objectives of having information, education and networking capabilities for each of our knowledge areas. I am particularly excited by the scalability of the online products both in the broader healthcare industry and internationally where we can utilise our existing market access in particular to the French and German healthcare markets.”
UK, London & Eridge, East Sussex
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