Victory Square Technologies Inc (CSE:VST) (OTC:VSQTF) (FWB:6F6) announced Wednesday that its portfolio companies IV Hydreight Inc and Victory Square Health Inc are combining resources to create and expand Telehealth product offerings throughout Brazil.
The partnership is expected to offer on-demand physicians, prescription services, cosmetic services, in-home consultations and full integration with insurance providers and proprietary testing services, among other services.
Because of the pandemic, the demand has never been greater for safe and secure in-home testing and treatment options, the company said. These safe and secure protocols will enable citizens to receive urgent care and testing both online and in-person in their own homes.
This deal between Victory Square portfolio companies comes at an opportune time with the emergence of digital health in Brazil, the company said, as Victory Square Health has been preparing for telehealth opportunities in the country. The partnership with Hydreight strategically positions both companies to capitalize upon this major new market.
Victory Square Health manufactures and supplies personalized medicine solutions, including diagnostic tests to support patient care and improve health outcomes. Hydreight provides a proprietary telemedicine service across the US that allows users to book confidential health, wellness and/or medical services at their home, hotel, office or wherever they need.
“My team members and I at VSH are very excited with this newly formed partnership between Hydreight and our company,” VSH CEO Felipe Peixoto said in a statement. “This strategic partnership positions our company to be a leader in the massive emerging Digital Health space in Brazil. The advantages brought to this partnership with Hydreight include: important tech, payment processing, secured channels, and mobile on demand and in-person live service deliverables to the consumer in a safe and secure manner that will mesh seamlessly with our product offerings and services.”
Together, the partnership gives VSH the opportunity to expand upon its successful products through on-demand services, mobile services and cosmetic procedures throughout Brazil and its 213 million residents.
The plan is to offer clients in Brazil an array of services including:
- In home cosmetic procedures
- In home and on-line consultations with medical professionals
- In home testing and diagnostic services
- Covid-19 testing and vaccination services
- 24 hour on demand physicians
- Scheduling and payment processing services
- Prescription and refill services
- Mental health and wellness services
- Senior care and shut-in services for the disabled and marginalized
“Our company has experienced tremendous growth in the US over the past 2 years and in particular during this pandemic,” Hydreight CEO Shane Madden said. “We at Hydreight have built our business to license and scale our product and service offerings in new and emerging territories. We are ready and able to execute on the opportunities in Brazil through this partnership with VSH and this is only the first of many new opportunities we have in the pipeline.”
Victory Square Technologies CEO Diamond Tejani is excited to see a partnership between two of its portfolio companies.
“We’ve been very pleased with the strong performance of both Hydreight and VSH,” Tejani said. “The two transactions have created tremendous value for Victory Square and our shareholders. This partnership announcement aligns with our strategy to have VSH become a leader in the digital health revolution in Brazil.”
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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