Acquisition of 70.80% Stake in Miljon Medi APP

MUMBAI, June 14, 2018 /PRNewswire/ --

GlobalSpace Technologies Limited (BSE: 540654), a fast growing new-age technology company, today announced the acquisition of 70.80% stake in Miljon Medi APP for an undisclosed sum.

Miljon Medi APP is a health tech startup with B2B Digital Platform ('Platform') that connects generics pharmaceutical manufacturers to the entire pharma channel till retail chemist. The company claims to have some of the leading generics manufacturers already on the platform with an existing network of around 73 distributors and 9380 chemists as its active users. The company's vision is to enable quality and certified generics reach the last mile so as to benefit the patients.

For GlobalSpace, it's a strategic acquisition that would further consolidate its vision of creating a truly integrated digital healthcare ecosystem. The company has thought leadership in building a digital platform for pharma sales force and doctors.

Commenting on the transaction, Mr. Krishna Singh, MD, GlobalSpace, said, "This is a synergistic acquisition for us, we have already built an evolved digital platform for pharma distribution, including ERP, Mobile and Web app, it would provide the much-needed technical scalability and viability to Miljon Medi APP. Merging GlobalSpace's tech platform with Miljon's existing network would surely provide us the initial impetus to grow this platform to be India's largest Pharma channel network."

About GlobalSpace Technologies: 

Founded in 2010, GlobalSpace Technologies is a BSE SME listed, fast growing technology company, working in the domain of cutting-edge technologies like cloud, big data, artificial intelligence, robotics and machine learning. The company has a domain expertise and thought leadership in healthcare technology where its products and solutions are used by over 25 leading pharma and healthcare companies.

The company recently announced its Annual results for FY 17-18, total revenue for the year ended March 31, 2018 stood at Rs 29.2 crore, as compared to Rs 17.3 crore in the same period last year, a growth of 69%. Net Profit for FY18 stood at Rs 2.3 crore, as compared to Rs 1.03 crore in FY17, growth of 127%.

About Miljon Medi APP:   

Miljon Medi APP LLP, founded in 2017, is the pharma marketing company, and Medi APP is the first and only digital B2B platform connecting all elements in the pharma distribution channel. It has tie ups with 9380 chemists and 73 distributors. Mr John Kuriakose, a pharma industry veteran, leads the company as its CEO. Mr John would continue to head Miljon post acquisition also.

Media Contact :
Jerry Jose
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Concept Public Relations India Limited