Transaction Type





Dialogue Health Technologies


TicTrac | Dialogue Health Technologies

  • Leading UK healthcare SaaS business acquired by Canada's premier wellness platform

  • Global transaction accessing large North American buyer

  • Aligned strategy to improve health outcomes for global client base

finnCap Cavendish, part of finnCap Group plc, is pleased to announce it has advised on the sale of TicTrac Ltd, the UK-based SaaS provider of a global health and wellness platform, to Dialogue Health Technologies (‘Dialogue’), Canada’s premier virtual healthcare and wellness platform, for up to $56 million Canadian Dollars. The transaction is expected to close within c.30 days and is subject to customary conditions for a transaction of this nature.

TicTrac supports employers and insurance partners, engaging their employees and customers to improve overall wellness, and driving positive outcomes through meaningful insights. Its go-to-market strategy includes both a business-to-business (“B2B”) approach as well as a business-to-insurance (“B2I”) approach, working with four of the largest global insurance companies.

According to Dialogue, the acquisition of TicTrac represents a unique opportunity to accelerate the development of Dialogue’s Integrated Health PlatformTM (“IHP”) through the addition of a high margin, SaaS-based digital health and wellness offering.

The global and Canadian corporate wellness markets are significant, fragmented, and rapidly growing, valued at US$58 billion1 ($73 billion) and US$2.7 billion2 ($3.4 billion) respectively.

The deal is earnings accretive and from a preliminary analysis Dialogue predicts that annual recurring revenue synergies of $8 to 10 million by the end of 2024 could be achieved.

The two companies share similar operating cultures of challenging the status quo and are strategically aligned in their respective missions to improve health and well-being. Martin Blinder, co-founder and Chief Executive Officer of TicTrac, will continue to lead the TicTrac team, reporting to Cherif Habib, Chief Executive Officer of Dialogue.

The deal was led by Mike Dinsdale, Director at finnCap Cavendish, John Farrugia, Managing Partner, Hugh Ripley, Senior Associate, and Leigh Webb, Head of Private Equity Sponsor Coverage.

Cherif Habib, CEO of Dialogue Health Technologies, commented:

“We’re thrilled to add TicTrac’s innovative technology, deep expertise, and proven methodology to Dialogue. This acquisition is the largest in our history and contributes directly to the ambitious growth objectives we laid out in our IPO plan a year ago. TicTrac allows us to strengthen our Integrated Health PlatformTM with a highly engaging new service, while also gaining exposure to attractive international markets with strong health and wellness potential.”

Mike Dinsdale, Director at finnCap Cavendish, commented:

“We are delighted to have worked with Martin and the TicTrac team to deliver this transformational deal for the business. TicTrac’s digital wellbeing platform and personalized content for health engagement has already demonstrated global appeal amongst its international client-base. At finnCap, we are passionate about advising entrepreneurial growth businesses, and it has been fantastic working with two companies that have such a clearly aligned strategy to improve health outcomes for its consumers globally.”

1 Verified Market Research, Global Corporate Wellness Solutions Market, 2021-2028 (January 2022).
2 Grand View Research, Canada Corporate Wellness Market Share Report, 2020-2027 (November 2020).

Key Contacts

Mike Dinsdale


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Hugh Ripley

Associate Director

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John Farrugia

CEO of finnCap Group Plc & Managing Partner of finnCap Cavendish

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