Phlo Technologies Acquires Truepill UK
The acquisition is one of the most significant acquisition deals in the history of digital pharmacy in the UK.
13:07 15 May 2023
Digital pharmacy firm Phlo Technologies has recently confirmed the acquisition of the UK arm of US-based healthcare unicorn Truepill. Described as a landmark consolidation in the sector, the deal makes Phlo Technologies one of the market leaders in the provision of B2B pharmacy services in the United Kingdom. The deal follows the firm's £10million Series A raise in February.
Prior to the formal acquisition that took place in April, Truepill announced its intention to focus solely on its US operations. This was followed by a highly competitive bidding process that Phlo subsequently dominated on account of synergies in technology infrastructure, patient care, and the pharmacy services provided both for the NHS and private partners.
For Phlo, the acquisition deal also meant winning Truepill's partnerships with several of the UK's most popular digital healthcare providers, including Daye (a London-founded gynaecological health platform), The Lowdown (a contraceptive advice and support platform), Veri (an individual metabolic health platform), Levels (a metabolic-health-focused company), and Hanx (stigma-free contraception and intimate care pioneers).
Nadeem Sarwar, Founder and CEO of Phlo, commented: “Phlo’s acquisition of Truepill UK marks a hugely significant moment in the evolution of digital healthcare in the UK. We’re delighted that this market consolidation will enable further improvements to the excellent service that Phlo offers to patients and partners, and also allow us to extend that service by welcoming new patients and partners across the country. I’d like to thank the team at Truepill for their assistance in making the sale a smooth one and for their commitment to their patients and partners during this time.”
“Following our Series A raise, Phlo is in a stronger position than ever to lead digital transformation in the pharmacy sector and to play a pivotal role in improving health outcomes in the UK.”
Shakil Ahmed, Truepill UK Managing Director, commented: “As Truepill made the decision to focus on the US market, our priority was to ensure our UK patients, clients and staff faced as little disruption as possible.
“Our priority was to find the right acquirer who shares Truepill’s vision and ethos of the future of pharmacy. That meant finding a business that is patient focused, with a strong technology stack and who were committed to growing and innovating in the UK market with a focus on servicing current and future consumer health clients. In Phlo, we found a company which shared all these objectives, and I don’t think we could have found a better fit. I am delighted to be continuing an ongoing commercial partnership with Phlo that will allow our US partners to launch in the UK in the future.”