Kooth CEO Tim Barker to Step Down Amidst U.S. Expansion
Portfolio - People | Jan 23, 2025 | Business Cloud
The CEO of Kooth plc, Tim Barker, is set to step down in 2025 after successfully expanding the company, particularly in the U.S. Barker's tenure saw Kooth secure a significant $188 million contract in California, targeting mental health support for 6 million young people. Barker will be succeeded by Kate Newhouse, the company's current COO. In 2024, Kooth reported expected revenues of £65.8 million, with adjusted EBITDA potentially reaching £12.7 million, partially due to non-recurring items. A new pilot contract with New Jersey has been agreed upon. Kooth continues to expand in the U.S. while maintaining strong collaborations with NHS trusts in the UK, having increased its cash position significantly.
Sectors
- HealthTech
- Technology
- Healthcare
Geography
- United Kingdom – Kooth plc, headquartered in the UK, collaborates closely with NHS trusts to provide mental health support, indicating significant geographic relevance.
- United States – Kooth has expanded significantly in the U.S., securing a major contract in California and entering the New Jersey market, emphasizing this region's importance.
Industry
- HealthTech – The article discusses Kooth, a digital mental health platform, highlighting its expansion and service offerings in mental health support, a key aspect of the HealthTech industry.
- Technology – Kooth operates a digital platform for mental well-being, utilizing technology to provide accessible mental health services, illustrating its classification within the technology sector.
- Healthcare – As Kooth provides mental health support services, it is inherently part of the healthcare sector, directly contributing to mental health care accessibility.
Financials
- £65.8 million – Expected revenue for Kooth in 2024 as per market forecasts.
- £12.7 million – Projected adjusted EBITDA for Kooth in 2024, potentially exceeding top analyst forecasts.
- USD 188 million – Value of the four-year contract awarded to Kooth to support mental health services in California.
- USD 1.45 million – Value of the pilot contract with New Jersey for mental health support through Kooth's Soluna platform.
- £21.5 million – Unaudited cash position for Kooth by the end of 2024, increased from £11 million at the end of 2023.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Kooth plc | Target Company | Company | Kooth is a digital platform providing mental health support, notably the largest provider for under-18s in NHS England. |
| Tim Barker | Outgoing CEO | Person | Tim Barker is the outgoing CEO of Kooth who played a crucial role in the company's expansion, particularly in the U.S. |
| Kate Newhouse | Incoming CEO | Person | Kate Newhouse, currently the COO, will assume the CEO role, having prior leadership experience at Blenheim Chalcot and Doctor Care Anywhere. |
| Peter Whiting | Chair | Person | Peter Whiting is the chair of Kooth's board, acknowledging Barker's contributions and supporting Newhouse's upcoming tenure. |
| NHS England | Collaborator | Government | NHS England works with Kooth as a key partner in delivering mental health services for under-18s. |
| State of California | Customer | Government | The State of California awarded Kooth a significant contract to provide mental health services to young people. |
| State of New Jersey | Pilot Partner | Government | Engaged in a new pilot contract with Kooth for mental health support via the Soluna platform. |