An Australian firm has completed the takeover of a Nottinghamshire healthcare technology provider for more than £100 million.
Earlier this year, it was announced that The Citadel Group, which is a listed firm based in Canberra, had agreed to buy Mansfield’s Wellbeing Software Group for £103 million.Now, it has been announced that the deal has been completed.
Wellbeing Software Group was founded more than a quarter of a century ago. It provides radiology and maternity software used to manage patient workflow and data. Its products are used in 81% of NHS trusts across England.
Wellbeing is a multi-million pound business. Its latest annual results showed that in 2019, the firm firm generated revenues of £16.6 million. It also achieved a gross profit of more than £10 million.
Graham Ridgway, chief executive of Wellbeing, said: “It has long been our goal to be able to bring fully integrated clinical disciplines to our 海角视频 customers, as well as to take our products outside of the 海角视频.
"Elysian have been a very supportive partner for this strategy, which can now accelerate as part of The Citadel Group.
"There is very little overlap but much synergy and complementary opportunity. 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 海角视频, Australia and increasingly around the world – to deliver better care to patients."
Most Read
Ken Terry, chief executive of Elysian Capital, said: "We are delighted that Wellbeing is joining The Citadel Group.
"Since our investment in Wellbeing in January, 2014, we have supported the management team in developing its product service offering and these can now be taken to a wider market.
"Being part of a larger healthcare group will be good for customers and employees and we wish Graham and his team well for the future."
Citadel chief executive 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.”