The Australian point-of-care digital media company Medical Channel has raised $25 million (Australian dollars) in an investment round that allowed it to acquire and take out rival firm Community Network.
This comes a few months after its acquisition of another rival firm, Medical Media, in February.
The four year old network reaches an audience of 6.25 million viewers per month in 3,200 practices across Australia, with an average dwell time of 30 minutes.
The company says it has has more than 7,000 engaged advertisers, including pharmaceuticals, health boards, and health organizations. The Community Network acquisition allows the company, it says, to expand into local business advertising.
“We all know the doctors in our community. If you’re an organization that wants to reach a mass audience or a local business that wants to attract people sitting in the waiting room for at least half an hour, what better way to do so than to put an advert on our screens, especially if that advert is created for you by us?” says Nazar Musa, CEO of Medical Channel.
Musa says the company was at a break-even point, but the acquisition has made the combined business “immediately profitable.”
Medical Channel will absorb the Community Network team, including its call centre employees in the Gold Coast, which doubles the company’s headcount from 40 to 80.
At the start of the year, the company had just eight staff, but recently moved into a new office in Sydney to accommodate its growing team.