One of Hull’s largest companies, The 55 Group, has expanded its portfolio of brands with the acquisition of healthcare technology company Moodbeam, which aims to break taboos surrounding mental health.
Moodbeam, which is also based in Peelwas founded in 2016 by Gadget Shop founder and Red5 co-founder Jonathan Elvidge and former journalist Christina Colmer McHugh, who came up with Moodbeam after her daughter felt anxious at school.
The device won the Innovation Partnership Award at the 2019 Barclays Entrepreneur Awards in London. The relationship between The 55 Group and Moodbeam dates back to 2019, when its Pagabo brand tested Moodbeam’s then-wearable wristband format on construction sites for schemes purchased through its frames. Almost 400 participants from 13 companies participated. Moodbeam’s wearable device and companion app allow users to track their mood and monitor their emotional well-being. Connecting wirelessly to a paired device, the device provides insight into how your mood changes over time, showing patterns and trends that can be shared with trusted family, friends and colleagues.
Moodbeam, which appeared on ITV’s This Morning and Channel 4 during the first coronavirus lockdown, expanded its services dramatically during the pandemic. With the acquisition now complete, it will join The 55 Group’s portfolio of digital brands alongside Pagabo, Sypro and Loop. It will integrate with Pagabo’s procurement software, My Pagabo, which operates primarily within the construction industry.
Gerard Toplass, Group Executive Director of The 55 Group, said: “Moodbeam is a unique piece of technology, so we are very pleased to announce this acquisition and bring it to our software suite at The 55 Group.
“Our mission is to use 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 broader portfolio, where it will have a significant impact on the construction industry and look to remove the taboo that sadly still exists.
“The construction sector goes above and beyond in physical health care because of the close association with safety, but our broader understanding of mental wellbeing cannot be ignored.
“The magnitude of this is only truly understood when you look at the statistics, which show that two people working in the industry commit suicide every working day. Simply put, it’s something we need to tackle now, breaking taboos and making a difference.” remarkable for supporting our people.”
In September, it was revealed that The 55 Group had implemented a staff pay scheme to help ease the pressures of the ongoing cost of living crisis. Mr. Toplass has introduced the new program to help staff with energy, food and transportation costs. The scheme saw every staff member on a standard salary of less than £50,000 per year receive £60 per month for the next year.
