Hg signs $5bn+ in Healthcare Technology
Hg's view of the healthcare technology software space focuses on the secular growth of software suppliers for business-critical functions in the healthcare operations, core systems, life sciences, interoperability and population health sectors.
Hg has been actively following this theme for almost a decade and invested well over $1.5bn in complementary businesses across Europe and North America, with our latest investment, HHAeXchange, representing the sixth healthcare technology business currently in Hg’s portfolio, with others including, Evaluate, Intelerad, Lyniate, Medifox and MMIT. Hg recently exited its investment in Allocate, which was acquired by RLDatix.
Hg continues to be active in this sector, and is pleased to report that we have signed healthcare technology deals worth around $5 billion in Enterprise Value in the last few weeks. Some of these are set out below:
Founded in 2008, HHAX offers a comprehensive software as a service (SaaS) platform to its customers that improves patient outcomes, drives operational efficiency and increases compliance across the homecare ecosystem. Its solutions are delivered through subscription-based enterprise and mobile tools and facilitate over 125 million annual visits for 650,000 caregivers across more than 44 states. Today, HHAX has global offices across North America, Europe, and Asia.
The new partnership with Hg builds on HHAeXchange’s exponential growth and enhances its ability to scale its best-in-class enterprise management and homecare workflow solutions.
MMIT, the trusted go-to-market partner solely focused on solving the “what and why” of market access, has joined forces with London-based Evaluate, a leading provider of commercial intelligence and predictive analytics to the pharmaceutical industry.
This newly merged organization will offer customers a unique and comprehensive data solution offering both analytical and predictive data insights across the entire drug life cycle. By combining their technology, data and expertise, MMIT and Evaluate will become a $1.6 billion global pharma commercial intelligence provider
Hg, will share joint control of the combined business.
Hg is the majority investor in Access Group, having first invested in 2018. During September 2021, Access Group’s health & social care division announced the acquisition of Servelec. The acquisition will combine Access’ suite of health and social care solutions with Servelec’s ability to integrate technology across social care, healthcare, education and youth services.
Servelec is a trusted supplier to NHS trusts and local authorities, and has recently acquired Elemental Software, a provider of social prescribing technology.
The acquisition complements Access’ long-term strategic plan to extend into local government and health.
Insignia Medical Systems, a leading UK-based enterprise imaging provider, announced it has been acquired by Intelerad Medical Systems™, a global leader in medical image management solutions.
Insignia has provided high-quality imaging solutions that improve outcomes for patients in the UK for nearly two decades. With the backing of Intelerad, a global company with over 600 employees, Insignia will deepen its resources, further enhance its technology and expand its footprint, enabling the company to rapidly respond to the changing needs of the UK’s healthcare sector. Hg has been the majority investor in Intelerad since 2018.
Managed Markets Insight & Technology (MMIT) and Evaluate - which joined forces only last month to become a $1.6 billion global pharma commercial intelligence provider - announced the acquisition of Panalgo, a premier healthcare data analytics company that serves many of the largest biopharmaceutical, medical device and contract research organizations around the globe.
The move will result in a disruptive, market-leading analytics platform that provides on-demand insights across dozens of normalized real-world evidence and market access data sets.
The combined business is backed by Hg and Welsh, Carson, Anderson & Stowe – with both firms sharing joint control of the business.
In September Hg closed the sale of Allocate, a leading workforce and people management software-as-a-service (SaaS) provider to healthcare and government organisations, to RLDatix, the leading global provider of intelligent patient safety solutions.
In the health and care sector, Allocate is enabling the delivery of safe and effective care at optimal cost, by helping organisations to have the right people in the right place at the right time.
With over 800 clients and over two million staff rostered daily, Allocate serves the largest public and private sector institutions around the world.
Intelerad Medical Systems™, a global leader in medical image management solutions, announced its acquisition of Ambra Health, maker of a leading cloud-based medical image management suite.
Unifying two KLAS Research category leaders, the combined platform will provide physicians, patients and researchers a superior cloud solution for reading, storing and sharing diagnostic imaging.
Intelerad has expanded to now manage over 50B images, read over 130M exams/year and serve nearly 2K customers, including all of the top 10 U.S. Best Hospitals.
MediFox GmbH welcomed Löpertz Software GmbH & Co. KG into the MediFox DAN family.
Löpertz Software has made a name for itself over the last 30 years as an established care software specialist and supports the group with many years of industry experience and extensive know-how.
Medifox continues to grow strongly organically and adds further companies to the group. Hg invested in Medifox in 2018.