Hull business, The 55 Group, has widened its portfolio of brands with the acquisition of health tech brand Moodbeam, also headquartered out of the city.
The relationship between The 55 Group and Moodbeam dates back to 2019, when its brand Pagabo ran trials of the then-wearable wristband format of Moodbeam on construction sites for schemes procured through its frameworks, with almost 400 participants involved from 13 industry-leading businesses.
Moodbeam, which garnered worldwide media attention and was featured on the likes of ITV’s This Morning and Channel 4 during the first coronavirus lockdown, 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. The scale of this importance is only truly understood when examining statistics, which show that two people working within the industry die by suicide every working day. Simply put, it’s something we have to tackle now, breaking down taboos and making a marked difference to support our people.”
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.