Posted on April 7, 2020 by staff

HealthTech firm sold to Australian buyer in £103m deal


HealthTech software firm Wellbeing is to be sold to Australian software and technology company Citadel for a purchase price of £103m.

Elysian Capital, owner of Wellbeing, reports it will see a 4.5x return on its investment in Wellbeing to follow the 4.3x return from Pebble Group at its flotation in December 2019.

Mansfield-based Wellbeing is a UK provider of radiology and maternity software solutions that manage patient workflow and data.

Its software provides end to end digitisation to build a consolidated view of patient information for healthcare providers.

Its products are used extensively in the healthcare system throughout the UK, with solutions being utilised in 81% of NHS Trusts.

Citadel has been focused on growing in the healthcare software sector in the UK over the past two years. The acquisition by Citadel, which is listed on the Australian stock exchange, will see Wellbeing transformed into an international healthcare software company.

It?significantly expands Citadel’s Health product suite, allowing the group to provide a full?range?of solutions to health care providers. It also enhances existing information systems, data and workflow management offerings while offering substantial cross-selling opportunities into the UK, in the short-term.

Citadel CEO and Managing Director Mark McConnell said: “The Wellbeing acquisition is highly aligned with Citadel’s strategic focus on further expanding into high quality software-based recurring revenue streams. It is also very complementary to Citadel given our existing product suite.”

Wellbeing Software CEO Graham Ridgway added: ““We are excited at the prospect of being able to further invest in and develop our core software products while also offering customers proven solutions in other critical healthcare disciplines, from a single specialist vendor.

“As we have worked together, we have discovered that we have strongly aligned cultures, focused on making a real difference, to help our customers – healthcare organisations in the UK, Australia and increasingly around the world – to deliver better care to patients.”