HEALTHCARE IT BUSINESS SET FOR FURTHER GROWTH
As a provider of prescribing decision support to healthcare professionals within the primary care sector, ScriptSwitch has already delivered excellent results for more than 115 NHS Primary Care Organisations and is presently saving the NHS over £1.2million per month.
Catalyst Corporate Finance acted for the shareholders of ScriptSwitch, which included ISIS Equity Partners, Advantage Growth Fund and the management team. Given the rapid growth of ScriptSwitch, there was significant interest in the company from both the UK and overseas. Catalyst helped the shareholders prepare the business for sale, and then used their extensive international contacts to source a strategic buyer from the US.
The deal completed within 4 weeks of agreeing exclusivity.
The sale marks the end of a very successful year for ScriptSwitch. In April 2009 the business was awarded a Queens Award for Enterprise in the Innovation category and more recently, Mike Washburn, CEO was announced as the British Private Equity and Venture Capital Association (BVCA) Venture Capital Backed CEO of the Year.
Andy Currie, Managing Partner at Catalyst commented:
The level of interest in Scritpswitch from both the UK and overseas is a reflection of the success of the business and the realisation that IT will play increasingly important role in reducing costs in the NHS as the pressure on public spending increases. This is the third deal we have completed in this sector in the last six months and we are predicting continued growth in M&A activity in Healthcare IT throughout next year and beyond.
For further information please contact:
Andy Currie, Partner
Note to editors
Catalyst Corporate Finance
Catalyst is an award-winning international corporate finance advisor. Recognised by the 2008 Real Deals/BVCA Award for Financial Advice of the Year, Catalyst specialises in company sales, acquisitions, private equity and debt funded management buy outs.
For more see www.catalystcf.co.uk