Aged care tech company HomeStay Care is set to be purchased by ASX-listed, Texas focused Antilles Oil & Gas after the latter exercised an option to acquire the Australian and Singapore-based company.
The news comes after Antilles announced it had picked up an option to acquire HomeStay Care in May.
HomeStay operates primarily in Australia with operations also in Singapore through its Singaporean subsidiaries.
The company has a number of strategic partnerships and collaborations in place in both countries with its Intelligent Home pilots currently underway for up to 750 homes between Australia and Singapore, including both government and private enterprise.
Founded in Australia in 2016, HomeStay group provides technology enabled care to the aged care industry.
The company was born out of a need for the provision of better, smarter, more efficient and consistent care to senior adults to enable them to stay in their homes longer through the use of technology.
Through its proprietary Internet of Things (IoT) platform, HomeStay assists seniors and the elderly to live independently in their homes for a longer period of time.
The IoT Platform offers on demand care services, healthcare data management and lifestyle monitoring via its “Intelligent Homes”.
The platform works by connecting with various sensors, including wearables and sensors on home appliances, to provide ongoing monitoring to assist in the care of elderly users.
The platform is driven by artificial intelligence, machine learning and predictive analytics that provide real time alerts and preventative interventions that allow senior adults to stay in their homes longer.
In addition, HomeStay provides families peace of mind through participation, communication and transparency to ensure that their loved ones are being looked after.
The proposed transaction with HomeStay represents a significant change to the scale and nature of Antilles business and will require approval from shareholders and need to re-comply with chapters 1 and 2 of the ASX listing rules.
The notice of meeting to secure the necessary shareholder approval is being dispatched, with the meeting of shareholders scheduled to be held on 23rd August.
As part of the acquisition, Antilles will be raising a minimum of $3 million.
Shares in Antilles were trading 0.8c higher at 2.9c in morning trade.