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Swift Networks leveraged to $662 million aged care funding boost

The company provides fully integrated digital entertainment solutions to the sector.

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Sector exposure will be further strengthened by the recent Medical Media acquisition

Swift Networks Group Ltd (ASX:SW1) has welcomed the government’s weekend announcement to provide a $662 increase in funding for aged care and seniors.

The company recently secured initial three-year contracts with a number of operators including Berrington Care Group and Allity Aged Care.

Perth-based, luxury aged care provider, Berrington Care Group will be utilising the Swift Aged Care services across over 200 screens.

Swift will also be rolling out services to Allity Aged Care’s 77-room Gosling Creek Community in Orange, New South Wales.

Notably, significant scope for expansion exists across Allity’s Australian network of over 40 facilities.

READ: Swift Networks reveals 167% increase in EBITDA for December half

Swift's CEO Xavier Kris said: “The government’s announcement is a significant milestone in the democratisation of aged care.

“The funding includes $320 million to residential facilities, enabling operators to invest in services that provide residents with choices and a real voice… the ability to be treated as guests, not patients.

“Our platform delivers an easy to use entertainment and two-way communication service as well as custom curated exercise, education, well-being and dementia specific content coupled with the ability to communicate directly with friends and family.

“These services greatly reduce the all too common issue of isolation.”

Berrington Care Group excited to work with Swift

Berrington’s owner and operations director Karen Gillingham said: “As a luxury Aged Care provider, we are accustomed to providing the best services to our residents.

“We are therefore very excited at being able to offer extensive in-room entertainment options to our residents where they will be able to see communications from their families as well as up-to-the minute information on lifestyle activities and important information.

“We are looking forward to this new offering and to what Swift and Berrington can achieve together.”

Quick facts: Swift Media Ltd

Price: 0.16 AUD

ASX:SW1
Market: ASX
Market Cap: $28.05 m
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