Group expands portfolio with mental health tech brand acquisition
Hull-based parent organisation, The 55 Group, has widened its portfolio of brands with the acquisition of health tech brand Moodbeam, also headquartered in the city.
The relationship between The 55 Group and Moodbeam dates back to 2019, when the group’s brand Pagabo ran trials of the then-wearable wristband format of Moodbeam on construction sites for schemes procured through its frameworks.
Moodbeam expanded and developed its offering dramatically throughout the pandemic.
Becoming a digital-first offering through the development of an organisational dashboard, the software allowed businesses to visualise morale within their teams and apply organisational changes to improve staff wellbeing.
Most recently, Moodbeam developed a mobile app offering, allowing any user to track and see trends in their mental wellbeing from any mobile device.
With the acquisition now complete, it will join The 55 Group’s portfolio of digital-first brands along with Pagabo, Sypro and Loop. It will integrate most closely with Pagabo’s procurement software, My Pagabo, which operates largely within the construction industry.
Gerard Toplass, group CEO of The 55 Group, said: “Moodbeam is a really unique piece of technology, so we’re really pleased to be announcing this acquisition and bringing it into our suite of software at The 55 Group.
“Our mission is to utilise technology to create a better world, with our structure providing a platform for growth and integration between our brands.
“This will be no different as we bring Moodbeam into our wider portfolio, where it will have a significant impact on the construction industry and seek to remove the taboo that still sadly exists.
“The construction sector goes the distance when looking after physical health due to the close association with safety, but as our wider understanding of mental wellbeing grows it cannot be ignored.”
Moodbeam was founded in 2016 by the Gadget Shop founder and Red5 co-founder, Jonathan Elvidge, and former journalist Christina Colmer McHugh, who devised Moodbeam after her daughter became anxious at school.