Bridge SaaS expands NDIS market presence with 51% stake in Brightside
Technology company Bridge SaaS (ASX: BGE) will pay $1.6 million to acquire a majority interest in Queensland-based Brightside Disability Support & Respite.
Brightside provides NDIS participants with assistance in areas including accommodation, daily personal and household tasks, travel arrangements, community participation, nursing care and access to employment and education.
The company employs 32 care and support staff as contractors to service 30 NDIS clients across south-east Queensland.
Share purchase
The deal was secured by way of a share purchase agreement between Bridge and Brightside’s sole director and shareholder Kirstin Hutchison.
Under the terms, Bridge will be issued 62 shares in Brightside, equating to 51% of the company’s issued capital.
While Brightside will become a customer of Bridge’s software-as-a-service (SaaS) business, the transaction will not result in a merger of operations.
Upon completion, Ms Hutchison will retain the role of Brightside chief executive officer and director.
NDIS exposure
The Brightside transaction is part of a short-term strategy by Bridge to provide proof-of-concept for its National Disability Insurance Scheme (NDIS) software platform.
The company hopes it will increase the platform’s exposure within the NDIS service provider industry and boost credibility and trust in the market for its software product.
It expects the relationship with Brightside will foster deeper insight and learnings into all aspects of NDIS service provision and allow for ongoing software development and enhancement.
Growth opportunity
Bridge also hopes to increase its prospects of attracting other NDIS service providers to adopt the platform.
“We see the greatest opportunity for growth to be in the NDIS sector and will continue to look to innovate in this sector by adapting our product offering to better suit the evolving needs of NDIS providers and participants,” the company said in its latest quarterly report.
The appointment of Daniel Brewer to the role of chief executive officer in June is believed to be a major investment in the company’s intentions to grow its product offering, user base and revenue in the sector.