Sirma Group Holding announced a new spin-off company – Sirma Medical Systems JSC. The purpose of new enterprise is to extend the holding’s product portfolio with software applications and integrated platforms for medicine and healthcare. The company will develop applications that provide citizens with an easy access to modern health services, and accordingly an improvement in personal health status of consumers. This strategic investment targets e-Health and Telemedicine domain. The majority owner of Sirma Medical Systems JSC is Sirma Group Holding JSC, with 66% of the share capital and the remaining 34% of shares belong to the company employee – Rossen Varbanov, the inventor and developer of a very successful software application for monitoring, control and personal management of diabetes condition.
The company’s founder – Rossen Varbanov has created Diabetes: M – a mobile application for the management of diabetic conditions. The R&D phase has taken a couple of years to study best practices, treatment protocols, consultations with leading endocrinologists, medical researchers, and comprehensive competitive analysis of similar software solutions, as well as evaluation of the feedback provided by current end-users of the existing application. This is the first product of the new company, however, the ambitions of Sirma Medical Systems are to enlarge its solutions portfolio through developing a common platform. Based on the platform, a range of new medical applications could be created, and accordingly to be applied in the diagnosis and prevention of diseases with a significant social impact as stroke, heart attack, cancer, etc.
Despite the large number of similar mobile applications, the app Diabetes: M is among the most downloadable applications for the Android OS, with more than 160,000 installations and around 40,000 active users. Unlike competing solutions, the application offers a set of analytical functions, plenty of dashboards, comprehensive monitoring of health status and any relating medical indicators that determine successful compensation of the diabetes condition. In addition, it suggests recommendations for treatment and diet plan that greatly facilitate diabetic patients in their daily therapy, diet and routine. The application is actively used by both diabetics and is recommended by health professionals to their patients. At the next stage, the system will be connected with a particular measuring equipment (after licensing) and thus, to obtain direct medical use.
The additional financing will enable the project team to develop a complete integrated solution for the management of diabetic conditions, and a subsequent successful commercialization and marketing.
The new solution will help millions of affected patients to monitor their own condition and predict changes in their health status. The monitoring of diabetes carried out by the integrated system will track almost all vital parameters, needed by the patient and the doctor, and will complete analysis and data visualization, provide visually appealing information, in order to easily understand and used by the diabetic patients. The advanced version will serve all people suffering from diabetes type I or II, people in pre-diabetic status, expectant mothers diagnosed with gestational diabetes, parents of children with diabetes, or carers of elderly diabetics, as well as the diabetes care team as GPs / internists, endocrinologists and nutritionists.
At the end of 2015, Sirma raised 11.4 million Lev new capital, after a successful listing on the Bulgarian Stock Exchange. According to the recently announced annual investment program, part of the funds raised from the IPO are earmarked for investment in new and/or prospective projects created by Sirma employees. The new company and project, are approved for financing by the Investment Committee of Sirma Group Holding.