ADDvise signs Letter of Intent to acquire JTECH Medical Industries, Inc.

22-12-2021   Regulatory press release

ADDvise Group AB (publ) has signed a Letter of Intent with the shareholder of JTECH Medical Industries, Inc. (”JTECH”) regarding an acquisition of 100 percent of the shares in JTECH.

JTECH is an American medtech company specialized in developing software and medical instruments to quantify patients’ range of motion, pain, and strength in muscles during rehabilitation of muscle disorders. The company’s products are primarily used by Physical Therapists, Physicians and Chiropractors. The products are sold globally.

JTECH is based in Salt Lake City, Utah. The revenue for the last twelve months per June 30, 2021, amounted to approximately USD 3.3 million, with an EBITDA of approximately USD 1.1 million, corresponding to an EBITDA margin of approximately 33.8 percent. The company’s revenue consists partly of license revenue from the software, partly of revenue from sales of corresponding instruments.

The purchase price amounts to a total of USD 7.3 million, divided into an initial payment of USD 4.5 million, and two potential earn-outs of maximum USD 1.0 million and USD 1.2 million respectively, given that the seller achieves certain predetermined targets. The purchase price also includes an interest free promissory note of USD 0.6 million with 24 months maturity. The acquisition is financed through own funds.

The acquisition is subject to a due diligence and that the parties will agree to enter into a share purchase agreement. The share purchase agreement and completion of the acquisition is scheduled to be completed during Q1, 2022.


Mangold Fondkommission AB is acting as financial adviser to ADDvise in the acquisition.

For further information, please contact:

Rikard Akhtarzand, CEO
+46 765-25 90 71

Important information:

This information is by ADDvise Group AB required to disclose under the EU Market Abuse Regulation. The information was submitted for publication on 22 December 2021 at 08:00 CET.

About ADDvise Group

ADDvise Group AB (publ) is a leading supplier of equipment to healthcare and research facilities. The group consists of two business areas, Lab and Healthcare. Sales are global. The Group has a clear acquisition strategy with the aim of raising shareholder value and expand the business - both geographically and product wise. ADDvise Group's shares are listed on Nasdaq First North Growth Market and Mangold Fondkommission AB, +46 8 503 015 50,,is the Company's Certified Adviser. Additional information is available at

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