CMS has advised Echo, the UK start-up that offers an app to help people manage their medication and order repeat prescriptions for delivery, on the completion of its sale to leading healthcare organisation McKesson, owner of LloydsPharmacy.
Founded in 2015, Echo’s mission is to simplify pharmacy, making prescription management more convenient for customers. The Echo app, which is integrated with the NHS Electronic Prescription Service and works with existing GP NHS England practice systems and tech, makes life easier for people on long-term medication by removing the hassle of repeat prescription management.
This acquisition forms part of McKesson’s new digital healthcare strategy, which is centred around providing more simple, convenient ways for customers to manage their health online.
CMS Corporate partner Anthony Waller led the CMS team advising Echo on the transaction. He was supported by Sam Pout (Senior Associate) and Bogdan Buta (Associate).
Roger Hassan, CEO at Echo said, “It is great to work with a firm that really understands our business and cares about our success. CMS were a huge support on this transaction, providing thoughtful and strategic advice throughout the various stages of the deal and guiding us seamlessly to a successful exit."
Echo is a longstanding member of CMS equIP, the firm’s accelerator programme which supports high-growth tech start-ups around the world, helping businesses to grow and scale to a Series A investment, through subsequent financing rounds and right up to a successful exit. CMS has been supporting Echo for over three years, and in 2017 advised the company on its £7m Series A funding round, led by White Star Capital. This represents the fourth high-profile exit of an equIP member.
Stephen Bourke, Co-founder of Echo comments: "It has been a privilege to be part of CMS equIP. The support that we have received over the last three years has been critical to the growth and success of the business, helping us to reach the point we are at today. They have supported us from the very beginning, nurturing us as we grew from an early stage start-up into a fully-fledged technology business with a team of over 85 people. We want to thank the CMS team for their dedication to Echo.”
CMS Corporate partner Anthony Waller, comments: “We are incredibly proud to have supported Echo these past few years and to see them achieve this tremendous result. Since its formation, Echo has penetrated the digital health market, giving consumers more control over their wellness and simplifying the repeat prescription process. We recognised early on in the company’s development that it had the potential to transform online healthcare, and we look forward to following Echo on its exciting new journey with McKesson."
_840x420.jpg?v=3)
Social Media cookies collect information about you sharing information from our website via social media tools, or analytics to understand your browsing between social media tools or our Social Media campaigns and our own websites. We do this to optimise the mix of channels to provide you with our content. Details concerning the tools in use are in our privacy policy.