Mable denies $1 billion sale rumours

Mable, one of Australia’s leading care-delivery platforms, has refuted claims that it is up for sale, dismissing speculation about a $1 billion valuation.

The company, a key player in the aged care and disability sectors, responded to recent reports suggesting it was seeking buyers through investment firm Record Point. Mable’s CEO and Co-Founder, Tony Charara, clarified that no sale process is underway, attributing the rumours to misinterpretations of the company’s ongoing efforts to explore capital options for growth.

“We want to be really clear that General Atlantic has not appointed advisors to sell Mable,” Charara said. “We are constantly exploring capital options to help us continue growing our impact, which the media have misinterpreted in this instance.”

Mable, co-founded by Charara and Peter Scutt, operates a peer-to-peer platform connecting clients with independent support workers for in-home care and supported independent living.

The company, backed by global growth equity firm General Atlantic since a $100 million investment in 2021, generates approximately $839 million in annual revenue from healthcare services transacted through its platform, including its acquired businesses, Leap In! and HomeMade.

Charara suggested the reported $1 billion figure likely reflects the total value of these transactions rather than a valuation of the business, which he stressed has not been valued as it is not for sale.

The platform employs 500 people and ranks among Australia’s top 10 providers of National Disability Insurance Scheme (NDIS) and aged-care services by payments volume. Mable’s technology-driven model offers lower overheads compared to traditional providers, enabling higher hourly rates for support workers and more care hours for clients.

“This figure represents the tremendous trust our customers place in us,” Charara said, highlighting the platform’s delivery of 25 million hours of support over the past decade.

Mable faces a competitive landscape, with platforms like Hireup also connecting clients with verified support workers. However, Charara emphasised Mable’s unique value, stating, “Our overhead rates are a fraction of what traditional and other online providers charge, pointing to the massive productivity gains we deliver to the aged care and disability sectors.”

The company is also preparing for upcoming regulatory changes, with mandatory NDIS Commission registration for platform providers set to begin this month. Charara expressed confidence in Mable’s ability to adapt, citing its history of navigating regulatory updates.

“As a tech solution, our team is used to updating and adapting to ensure we continue to meet our regulatory requirements while meeting the changing needs of our customers,” he said.Looking ahead, Mable aims to evolve into a “next-generation healthcare company powered by technology,” focusing on improving customer experiences and health outcomes, particularly in aged care.

While the company continues to explore growth opportunities, it remains committed to its mission of delivering impactful change through its innovative platform.For now, Mable’s leadership is focused on dispelling sale rumours and reinforcing its position as a trusted leader in Australia’s care-delivery market.

As the aged care and disability sectors face increasing demand and regulatory scrutiny, Mable’s technology-driven approach positions it to play a pivotal role in shaping the industry’s future.