Inside Information: Digital Workforce acquires e18 Consulting Ltd and becomes a leading provider in the UK healthcare automation market
18 juli, 06:30
18.7.2025 07:30:01 EEST | Digital Workforce Services Oyj | Inside information
Inside Information 18 July 2025 at 7.30 EEST
Inside Information: Digital Workforce acquires e18 Consulting Ltd and becomes a leading provider in the UK healthcare automation market
Digital Workforce has today, 18 July 2025, signed an agreement to acquire the entire share capital of the UK-based e18 Consulting Ltd. The completion of this complementary and strategic acquisition enhances profitable international growth in the healthcare sector.
Highlights of the arrangement
- Digital Workforce has today signed an agreement to acquire the entire share capital of e18 Consulting Ltd. The acquisition is expected to be completed on 1 October 2025 at the latest.
- The enterprise value (EV) of the acquisition is 5 million pounds (5.8 million euros).
- The estimated equity value is around 5.7 – 5.9 million pounds (6.6 – 6.8 million euros) depending on the balance sheet at the time of the transaction, based on which adjustments are made for net debt and net working capital.
- Additional consideration is tied to the development of e18’s EBITDA and can be a maximum of 6.3 million pounds (7.3 million euros) depending on the EBITDA levels of the next two financial years, and it will be paid annually after each fiscal year.
- 20% of the purchase price and additional consideration will be paid in shares through a directed share issue to the sellers and 80% as cash consideration. The payments will be made in British pounds. The Board of Directors of Digital Workforce will decide on the directed share issue with the authorization of the Annual General Meeting 2025 before its implementation.
- The strategic acquisition expands Digital Workforce's international growth opportunities and market potential, makes the company a leading provider in the automation of social and healthcare care pathways in the UK, and improves cross-selling and upselling opportunities in all current target markets.
- e18 Consulting Ltd's revenue in 2024 was EUR 4.91 million euros , its operating margin (EBITDA) was EUR 0.65 million euros and its operating profit was EUR 0.65 million, representing 13.2% of net sales.
- e18's clients include dozens of NHS organizations across numerous Integrated Care Systems (ICS), from acute trusts, to community & mental health providers, and primary care networks. The NHS (National Health Service) is the UK's national and tax-funded healthcare system. It consists of more than 200 NHS Trusts, which are organizations providing healthcare services.
- The acquisition does not affect the guidance for the year 2025.
The acquisition executes Digital Workforce's strategy to grow through M&A and is one of the cornerstones of the strategy journey in growing the healthcare business globally and achieving a market leader position in social and healthcare care pathway solutions. With the acquisition, Digital Workforce will become one of the UK's largest providers of intelligent automation solutions. The acquisition of e18 Consulting Ltd will bring Digital Workforce the strongest local NHS automation expertise on the market, a proven delivery model, and long-term customer contracts.
Jussi Vasama, CEO of Digital Workforce:
“Our goals for the strategy period are to use AI to revolutionize the way large organizations do knowledge work, to become the market leader in social and healthcare care pathway solutions, and to achieve a turnover of EUR 50 million in 2026. Organic growth is expected to generate a turnover of approximately EUR 40 million, and inorganic growth of approximately EUR 10 million. The acquisition of e18 supports our strategy in many ways. With the acquisition, healthcare will clearly become our largest vertical, enabling synergy benefits in repeatable care pathway automation solutions and significant new growth opportunities for sales. By joining forces with fast-growing and profitable e18 Consulting Ltd, we will gain the strongest NHS automation expertise on the market, a proven Digital Workforce delivery team, continuous Outsmart automation services, and deep-rooted trust in customers. Together, we offer the best, most innovative, and most reliable automation and AI solutions on the market to help healthcare organizations meet growing demand, improve patient care, and optimize resources . I warmly welcome the entire e18 team to Digital Workforce.”
Louise Wall, CEO of e18 Consulting Ltd:
“Joining forces with Digital Workforce is a defining moment for e18. After years of successful collaboration, this next step accelerates our mission to transform healthcare delivery through intelligent automation. With the UK government committing £10 billion to digital transformation, we’re now ideally positioned to help NHS organizations unlock funding and deliver meaningful outcomes—across both clinical and corporate services. Our focus remains entirely on the NHS. With greater scale and deeper technical capability behind us, we can go further and faster—bringing innovative, vendor-agnostic solutions that deliver measurable impact and long-term value. For our NHS partners, this means continuity, expanded expertise, and even greater delivery strength. For our team, it opens up new opportunities to lead at scale while staying grounded in the values that define us. And for our new colleagues and investors at Digital Workforce, we bring deep NHS knowledge, a proven operating model, and long-standing, trusted relationships.”
Implementation of the acquisition
The owners of Digital Workforce and e18 Consulting Ltd have signed the share purchase agreement today, 18 July 2025. The transaction is expected to be completed on 1 October 2025 at the latest.
The total purchase price of the e18 Consulting Ltd acquisition consists of both a fixed purchase price and an additional consideration. The enterprise value (EV) of the acquisition is 5.8 million euros. The estimated equity value is around 6.6 – 6.8 million euros depending on the balance sheet at the time of the transaction, based on which adjustments are made for net debt and net working capital. Additional consideration is a maximum of 7.3 million euros depending on the EBITDA levels of the next two financial years, and it will be paid annually after each fiscal year. 20 percent of the purchase price and additional consideration will be paid through a directed share issue and 80 percent as cash consideration. The purchase price will be paid in British pounds.
The entire share capital of e18 Consulting Ltd will be transferred to Digital Workforce's ownership on or about 1 October 2025 at the latest. In the transaction, the company founder, Louise Wall, will become a significant shareholder in Digital Workforce. In connection with the completion of the transaction, the Board of Directors of Digital Workforce will carry out a directed share issue based on the share issue authorization granted by the Annual General Meeting on 11 April 2025 as part of the payment of the purchase price to the sellers of e18 Consulting Ltd's shares, on the condition that NSIA approves the transaction. The details of a potential directed share issue will be announced in connection with the completion of the acquisition.
Of the employees of e18 Consulting Ltd, all those involved in operational activities will continue in their current roles. e18 Consulting Ltd will continue as an independent company for the time being, strongly integrated with Digital Workforce's intelligent automation businesses.
Strategic rationale
This is a complementary acquisition that is well suited to the significant expansion of Digital Workforce's healthcare vertical business. As a result of the transaction, healthcare will become by far the company's largest industry. With the acquisition, Digital Workforce will become one of the largest automation providers in healthcare automation solutions in the UK.
This acquisition reinforces Digital Workforce's growing presence in the UK and supports the company's strategic focus on profitable and international growth. e18 Consulting Ltd has an excellent reputation as a high-quality provider of automation services and long and stable customer relationships. In addition, their team has a very deep and extensive local knowledge of NHS processes and practices. e18 Consulting Ltd's clients include dozens of NHS organizations across numerous Integrated Care Systems (ICS), from acute trusts, to community & mental health providers, and primary care networks.
The National Health Service, NHS, is a major healthcare system with more than 63 million registered patients, more than 100 million outpatient clinic visits, and approximately 20 million treatment cycles each year. There are 229 NHS Trusts in the UK.
The NHS's operating expenses are more than GBP 170 billion annually. The UK government has committed to providing £10 billion in additional funding for digital transformation. Digital Workforce sees that the local process automation market is a few years behind the Nordic market. This provides good opportunities to scale and expand the customer solutions implemented in the Nordics in the UK.
The acquisition combines e18's award-winning NHS automation history with Digital Workforce's technical excellence and delivery capacity in Europe and North America. Together, the team will continue to support NHS organizations while accelerating towards Digital Workforce's strategic goal of becoming a leading provider of automation and AI services globally.
More information on e18 Consulting Ltd
Founded in 2015, e18 Consulting provides market-leading intelligent automation solutions and services to the NHS. e18 Consulting works in strategic partnership with NHS customers and supports all aspects of automation programs, from design and implementation to optimization and scaling. With the help of e18 Consulting Ltd NHS organizations achieve sustainable results, improving workforce productivity, streamlining processes, and providing high-quality care to patients. e18 Consulting Ltd works in close collaboration with NHS teams to expand their skills and promote self-sufficiency over time. As a market leader, e18 drives collaboration and knowledge sharing across the NHS to accelerate ROI, maximize value, and achieve sustainable transformation in healthcare delivery.
e18 Consulting Ltd's net sales for the financial year ended 31 August 2024 were EUR 4.91 million and EBITDA was EUR 0.65 million.
e18 Consulting Ltd will continue as an independent company for the time being, and the company's figures will be reported as part of the Digital Workforce Group as of completion (expected October 1, 2025).
e18 Consulting Ltd's key figures 2023–2024
Income statement
(1000 EUR) | 2024 | 2023 |
Turnover | 4 908 | 4 172 |
EBITDA | 649 | 537 |
Operating profit | 646 | 533 |
Operating profit % | 13,2 % | 12,8 % |
Balance sheet
(1000 EUR) | 2024 | 2023 |
Fixed assets | 11 | 11 |
Short-term receivables | 2 807 | 4 360 |
Cash equivalents | 2 778 | 2 179 |
Short-term liabilities | 4 249 | 5 668 |
Shareholders’ equity | 1 347 | 883 |
Total balance sheet | 5 596 | 6 550 |
Note: The company reports in pounds sterling and the figures have been translated into euros at a conversion rate of 1.15221 (the exchange rate confirmed by the ECB on 15 July 2025). The figures concerning the purchase price have also been translated from pounds to euros at the same rate.
For further information, please contact:
Jussi Vasama, CEO, Digital Workforce Services Plc, Tel. +358 50 380 9893
Certified advisor
Aktia Alexander Corporate Finance Oy, Tel. +358 50 520 4098
About Digital Workforce Services Oyj
About Digital Workforce Services Plc
Digital Workforce Services Plc is a leader in business automation and technology solutions. Its Outsmart platform and services, including Enterprise AI Agent solutions, empower organizations to transform knowledge work, reduce costs, accelerate digitalization, enhance customer experiences, and strengthen their competitive edge. Over 200 large international organizations rely on the company’s services to drive transformation through automation. Digital Workforce has particular expertise in automating healthcare and social care pathways, advancing long-term condition follow-up, improving patient safety, and enhancing the productivity of healthcare professionals. Founded in 2015, Digital Workforce employs over 200 business automation specialists across the US, UK & Ireland, and Northern and Central Europe. The company is listed on the Nasdaq First North Growth Market Finland.
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Inside Information: Digital Workforce acquires e18 Consulting Ltd and becomes a leading provider in the UK healthcare automation market
18 juli, 06:30
18.7.2025 07:30:01 EEST | Digital Workforce Services Oyj | Inside information
Inside Information 18 July 2025 at 7.30 EEST
Inside Information: Digital Workforce acquires e18 Consulting Ltd and becomes a leading provider in the UK healthcare automation market
Digital Workforce has today, 18 July 2025, signed an agreement to acquire the entire share capital of the UK-based e18 Consulting Ltd. The completion of this complementary and strategic acquisition enhances profitable international growth in the healthcare sector.
Highlights of the arrangement
- Digital Workforce has today signed an agreement to acquire the entire share capital of e18 Consulting Ltd. The acquisition is expected to be completed on 1 October 2025 at the latest.
- The enterprise value (EV) of the acquisition is 5 million pounds (5.8 million euros).
- The estimated equity value is around 5.7 – 5.9 million pounds (6.6 – 6.8 million euros) depending on the balance sheet at the time of the transaction, based on which adjustments are made for net debt and net working capital.
- Additional consideration is tied to the development of e18’s EBITDA and can be a maximum of 6.3 million pounds (7.3 million euros) depending on the EBITDA levels of the next two financial years, and it will be paid annually after each fiscal year.
- 20% of the purchase price and additional consideration will be paid in shares through a directed share issue to the sellers and 80% as cash consideration. The payments will be made in British pounds. The Board of Directors of Digital Workforce will decide on the directed share issue with the authorization of the Annual General Meeting 2025 before its implementation.
- The strategic acquisition expands Digital Workforce's international growth opportunities and market potential, makes the company a leading provider in the automation of social and healthcare care pathways in the UK, and improves cross-selling and upselling opportunities in all current target markets.
- e18 Consulting Ltd's revenue in 2024 was EUR 4.91 million euros , its operating margin (EBITDA) was EUR 0.65 million euros and its operating profit was EUR 0.65 million, representing 13.2% of net sales.
- e18's clients include dozens of NHS organizations across numerous Integrated Care Systems (ICS), from acute trusts, to community & mental health providers, and primary care networks. The NHS (National Health Service) is the UK's national and tax-funded healthcare system. It consists of more than 200 NHS Trusts, which are organizations providing healthcare services.
- The acquisition does not affect the guidance for the year 2025.
The acquisition executes Digital Workforce's strategy to grow through M&A and is one of the cornerstones of the strategy journey in growing the healthcare business globally and achieving a market leader position in social and healthcare care pathway solutions. With the acquisition, Digital Workforce will become one of the UK's largest providers of intelligent automation solutions. The acquisition of e18 Consulting Ltd will bring Digital Workforce the strongest local NHS automation expertise on the market, a proven delivery model, and long-term customer contracts.
Jussi Vasama, CEO of Digital Workforce:
“Our goals for the strategy period are to use AI to revolutionize the way large organizations do knowledge work, to become the market leader in social and healthcare care pathway solutions, and to achieve a turnover of EUR 50 million in 2026. Organic growth is expected to generate a turnover of approximately EUR 40 million, and inorganic growth of approximately EUR 10 million. The acquisition of e18 supports our strategy in many ways. With the acquisition, healthcare will clearly become our largest vertical, enabling synergy benefits in repeatable care pathway automation solutions and significant new growth opportunities for sales. By joining forces with fast-growing and profitable e18 Consulting Ltd, we will gain the strongest NHS automation expertise on the market, a proven Digital Workforce delivery team, continuous Outsmart automation services, and deep-rooted trust in customers. Together, we offer the best, most innovative, and most reliable automation and AI solutions on the market to help healthcare organizations meet growing demand, improve patient care, and optimize resources . I warmly welcome the entire e18 team to Digital Workforce.”
Louise Wall, CEO of e18 Consulting Ltd:
“Joining forces with Digital Workforce is a defining moment for e18. After years of successful collaboration, this next step accelerates our mission to transform healthcare delivery through intelligent automation. With the UK government committing £10 billion to digital transformation, we’re now ideally positioned to help NHS organizations unlock funding and deliver meaningful outcomes—across both clinical and corporate services. Our focus remains entirely on the NHS. With greater scale and deeper technical capability behind us, we can go further and faster—bringing innovative, vendor-agnostic solutions that deliver measurable impact and long-term value. For our NHS partners, this means continuity, expanded expertise, and even greater delivery strength. For our team, it opens up new opportunities to lead at scale while staying grounded in the values that define us. And for our new colleagues and investors at Digital Workforce, we bring deep NHS knowledge, a proven operating model, and long-standing, trusted relationships.”
Implementation of the acquisition
The owners of Digital Workforce and e18 Consulting Ltd have signed the share purchase agreement today, 18 July 2025. The transaction is expected to be completed on 1 October 2025 at the latest.
The total purchase price of the e18 Consulting Ltd acquisition consists of both a fixed purchase price and an additional consideration. The enterprise value (EV) of the acquisition is 5.8 million euros. The estimated equity value is around 6.6 – 6.8 million euros depending on the balance sheet at the time of the transaction, based on which adjustments are made for net debt and net working capital. Additional consideration is a maximum of 7.3 million euros depending on the EBITDA levels of the next two financial years, and it will be paid annually after each fiscal year. 20 percent of the purchase price and additional consideration will be paid through a directed share issue and 80 percent as cash consideration. The purchase price will be paid in British pounds.
The entire share capital of e18 Consulting Ltd will be transferred to Digital Workforce's ownership on or about 1 October 2025 at the latest. In the transaction, the company founder, Louise Wall, will become a significant shareholder in Digital Workforce. In connection with the completion of the transaction, the Board of Directors of Digital Workforce will carry out a directed share issue based on the share issue authorization granted by the Annual General Meeting on 11 April 2025 as part of the payment of the purchase price to the sellers of e18 Consulting Ltd's shares, on the condition that NSIA approves the transaction. The details of a potential directed share issue will be announced in connection with the completion of the acquisition.
Of the employees of e18 Consulting Ltd, all those involved in operational activities will continue in their current roles. e18 Consulting Ltd will continue as an independent company for the time being, strongly integrated with Digital Workforce's intelligent automation businesses.
Strategic rationale
This is a complementary acquisition that is well suited to the significant expansion of Digital Workforce's healthcare vertical business. As a result of the transaction, healthcare will become by far the company's largest industry. With the acquisition, Digital Workforce will become one of the largest automation providers in healthcare automation solutions in the UK.
This acquisition reinforces Digital Workforce's growing presence in the UK and supports the company's strategic focus on profitable and international growth. e18 Consulting Ltd has an excellent reputation as a high-quality provider of automation services and long and stable customer relationships. In addition, their team has a very deep and extensive local knowledge of NHS processes and practices. e18 Consulting Ltd's clients include dozens of NHS organizations across numerous Integrated Care Systems (ICS), from acute trusts, to community & mental health providers, and primary care networks.
The National Health Service, NHS, is a major healthcare system with more than 63 million registered patients, more than 100 million outpatient clinic visits, and approximately 20 million treatment cycles each year. There are 229 NHS Trusts in the UK.
The NHS's operating expenses are more than GBP 170 billion annually. The UK government has committed to providing £10 billion in additional funding for digital transformation. Digital Workforce sees that the local process automation market is a few years behind the Nordic market. This provides good opportunities to scale and expand the customer solutions implemented in the Nordics in the UK.
The acquisition combines e18's award-winning NHS automation history with Digital Workforce's technical excellence and delivery capacity in Europe and North America. Together, the team will continue to support NHS organizations while accelerating towards Digital Workforce's strategic goal of becoming a leading provider of automation and AI services globally.
More information on e18 Consulting Ltd
Founded in 2015, e18 Consulting provides market-leading intelligent automation solutions and services to the NHS. e18 Consulting works in strategic partnership with NHS customers and supports all aspects of automation programs, from design and implementation to optimization and scaling. With the help of e18 Consulting Ltd NHS organizations achieve sustainable results, improving workforce productivity, streamlining processes, and providing high-quality care to patients. e18 Consulting Ltd works in close collaboration with NHS teams to expand their skills and promote self-sufficiency over time. As a market leader, e18 drives collaboration and knowledge sharing across the NHS to accelerate ROI, maximize value, and achieve sustainable transformation in healthcare delivery.
e18 Consulting Ltd's net sales for the financial year ended 31 August 2024 were EUR 4.91 million and EBITDA was EUR 0.65 million.
e18 Consulting Ltd will continue as an independent company for the time being, and the company's figures will be reported as part of the Digital Workforce Group as of completion (expected October 1, 2025).
e18 Consulting Ltd's key figures 2023–2024
Income statement
(1000 EUR) | 2024 | 2023 |
Turnover | 4 908 | 4 172 |
EBITDA | 649 | 537 |
Operating profit | 646 | 533 |
Operating profit % | 13,2 % | 12,8 % |
Balance sheet
(1000 EUR) | 2024 | 2023 |
Fixed assets | 11 | 11 |
Short-term receivables | 2 807 | 4 360 |
Cash equivalents | 2 778 | 2 179 |
Short-term liabilities | 4 249 | 5 668 |
Shareholders’ equity | 1 347 | 883 |
Total balance sheet | 5 596 | 6 550 |
Note: The company reports in pounds sterling and the figures have been translated into euros at a conversion rate of 1.15221 (the exchange rate confirmed by the ECB on 15 July 2025). The figures concerning the purchase price have also been translated from pounds to euros at the same rate.
For further information, please contact:
Jussi Vasama, CEO, Digital Workforce Services Plc, Tel. +358 50 380 9893
Certified advisor
Aktia Alexander Corporate Finance Oy, Tel. +358 50 520 4098
About Digital Workforce Services Oyj
About Digital Workforce Services Plc
Digital Workforce Services Plc is a leader in business automation and technology solutions. Its Outsmart platform and services, including Enterprise AI Agent solutions, empower organizations to transform knowledge work, reduce costs, accelerate digitalization, enhance customer experiences, and strengthen their competitive edge. Over 200 large international organizations rely on the company’s services to drive transformation through automation. Digital Workforce has particular expertise in automating healthcare and social care pathways, advancing long-term condition follow-up, improving patient safety, and enhancing the productivity of healthcare professionals. Founded in 2015, Digital Workforce employs over 200 business automation specialists across the US, UK & Ireland, and Northern and Central Europe. The company is listed on the Nasdaq First North Growth Market Finland.
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