Cork's Cognate Health sold to UK firm for €9m

Cognate generated revenues of €7.4m last year

Cognate provides occupational health services to companies, including pre-employment medicals, health assessments and on-site health services.

Occupational health firm Cognate Health has been acquired by UK firm Optima Health in a deal worth €9m.

The Sheffield-based health software provider said the sale price was split into a €7m instalment upon completion, followed by an earn-out consideration of up to €2m.

Cognate is led by directors Professor John Gallagher and Noel Creedon. Headquartered in Cork city with approximately 60 staff, the company provides occupational health services to companies including pre-employment medicals, health assessments and on-site health services.

In the 12 months ended 31 December 2024, Cognate generated audited revenue of €7.37m, a profit before taxation of €0.86m and had net assets of €1.28m.

Optima Health said the acquisition expands their customer base and geographic reach in Ireland, with around 30 clinic sites across the country.

"There will be cross-selling opportunities, in addition to revenue synergies," Optima noted.

Professor Gallagher said: "As Ireland's leading occupational health provider, Cognate is focused on supporting and improving the wellbeing of the country's workforce. We are pleased to work with a company that shares our values as we move to the next phase of Cognate's journey."

"The acquisition of Cognate is a significant milestone for Optima, providing the company with access to a new geographic market," Chief Executive Officer Jonathan Thomas said.

"Cognate's business is strategically aligned with ours, with a focus on occupational health services to improve health and wellbeing in the workplace. We look forward to integrating the businesses and benefiting from the significant additional clinical capabilities, and revenue synergies, as we continue to evaluate further value-enhancing bolt-on opportunities in the market."

EY's Ronan Murray and Peter Neville advised Cognate on the sale.