Puma Private Equity sells £ 35 million stake in digital welfare firm Tictrac

Puma Private Equity has sold its stake in the digital well-being platform Tictrac to Canadian healthcare platform Dialogue Health Technologies Inc for £ 35 million.

It is Dialogue Health Technologies ’largest acquisition to date and gives Puma Private Equity a 38% internal return two years after the investment.

Tictrac software, based in London, is used by businesses to ensure the health and well-being of employees.

Tictrac provides users with content and collects data using wearable fitness trackers to give users tips and action plans. Its main customers are insurance companies.

Among the competitors in the workplace is mental health startup Oliva, which recently picked up £ 4.84 million in the primary funding round.

Dialogue Health has said it is integrating Tictrac into its existing platform offering and will provide an initial cash payment of £ 15 million and the remainder “payable upon reaching a certain stage of revenue”.

The deal is expected to close within 30 days.

“It’s been an exciting journey in support of Tictrac over the last two years,” said Rupert West, managing director of Puma Private Equity.

Puma invested £ 5 million at Tictrac in June 2020 in a round of investment of £ 6 million, the total funding is £ 13.5 million.

Puma Private Equity is a venture capital that invests in SMEs in all UK markets, typically investing between £ 2 million and £ 10 million.

“This type of business is playing an increasingly important role in society, especially as companies focus more on how they maintain the health and well-being of their employees, which has become even more relevant through the pandemic,” West added.