S’pore firm behind alert buzzer for seniors to acquire eldercare social enterprise for $11.2m
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IWow Technology's (from left) executive vice-president of IoT Solutions Chen Jer Yaw, chief executive Raymond Bo and chief marketing officer Ashokan Ramakrishnan with the company's wireless alarm system for seniors.
ST PHOTO: JASON QUAH
SINGAPORE – A local company specialising in tech solutions for seniors is looking to acquire another home-grown company that reinvents meals for the aged and sick, to the tune of $11.2 million.
On April 30, iWow Technology announced that it entered into a sale-and-purchase agreement with The Gentle Group, a social enterprise which specialises in meals and care services for those with swallowing difficulties.
IWow is best known for developing emergency buzzer systems that let seniors living alone or without family support reach emergency services with a single push of a button.
The devices, developed by Buddy of Parents – a subsidiary company of iWow – have been deployed nationwide under a Government Technology Agency programme that procures wireless alert devices for more seniors in Housing Board rental flats.
The Gentle Group provides meals – including texture-modified foods – that are consistent with medical advice on food suitable for seniors and others with dysphagia (or difficulty swallowing), kidney disease and diabetes. It also provides rehabilitation solutions for the healthcare and eldercare sectors.
The group services hospitals and nursing homes, including those operated by Vanguard Healthcare, Methodist Welfare Services and Orange Valley. The group also supplies meals to senior-daycare operators, including PAP Community Foundation and St Luke’s ElderCare.
The acquisition comes as the demand for eldercare solutions is set to surge, said iWOW in a statement.
Singapore’s rapidly ageing population means one in four residents is expected to be 65 and above by 2030.
“The Government’s push for ageing in place and a more holistic longevity approach to ageing is expected to broaden spending and shift it towards community care,” said the tech company, which is looking to position itself as an integrated, data-driven platform to serve the holistic needs of ageing societies.
The existing shareholders of The Gentle Group include its founder Shen Yiru, Singapore-based venture capital investment firm Octave Capital and Seeds Capital.
Seeds is an arm of SG Growth Capital, the investment platform of the Singapore Economic Development Board and Enterprise Singapore.
Dr Shen Yiru started GentleFoods, which sells food for people who cannot swallow easily.
PHOTO: ST FILE
IWow also noted that The Gentle Group, which operates three business units catered to therapeutic meal production, rehabilitation services and healthcare food solutions, is expanding in the consumer market as well.
Demand for convenient, clinically appropriate nutrition is expected to grow significantly, said iWow, adding that the group plans to scale production by up to five times.
“Food is one of the most powerful forms of care, yet it has remained one of the least transformed by technology,” said The Gentle Group’s Dr Shen, who added that together with iWow, their ambition is to make high-quality, therapeutic food accessible to every senior who needs it.
