Wellbeing Software

Sector: Information Technology, Health Care

Status: Realised

Fund: I

Deal type: Management buyout

Investment date: January 2014

Realisation date: April 2020

Mansfield-based Wellbeing Software is a leading software and data extraction services provider to the healthcare sector in the UK and Ireland that we helped grow amid high demand for its niche offering.

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“Elysian were insightful and supportive as we developed and grew the business by building new software and services in our mission to help deliver better patient care by providing healthcare organisations with simple, integrated technology for seamlessly accessing full patient records.”

Graham Ridgway

Chief Executive, Wellbeing Software

Investment rationale

Wellbeing Software, which already specialised in essential services to radiology and maternity departments, had a substantial market share and potential for growth through new products and services.

It represented an attractive investment opportunity due to an embedded position within the heart of the UK healthcare system, recurring revenue, increasing accountability requirements in the healthcare sector and a drive towards a paperless environment.

The complexity of the company’s structure and historic ownership also made it a very Elysian deal. It required an open minded, flexible and solution-based investment approach.

Creating value

Following our acquisition, the business invested significantly in the infrastructure, finance function and senior management team.

The expanded management then developed a strategy fully aligned with the strategic priorities of the National Health Service, with a broader focus on future international expansion. This led to the company’s first major overseas contract with its NIMIS Radiology project in Ireland.

Wellbeing Software built its core strategy on increasing product functionality and interoperability, meaning the sales teams no longer needed to focus on the individual products of HSS and Euroking, but could sell the full suite of secondary care solutions.

In April 2020, we generated a 4.5x return on our investment when we sold Wellbeing Software to The Citadel Group, a leading software and technology company listed on the Australian Stock Exchange, for £103m.

During our ownership:

We helped Wellbeing Software rebuild its core product and expand into electronic health records.
The company developed and implemented Stratus, a content management system, and eConsent at a major UK hospital to create comprehensive, paperless, patient records.
We enhanced the company’s offering by using artificial intelligence to develop patient scan analysis technology. This met increasing demand for initial screening services as the health sector suffers from a decreasing radiology workforce.
EuroKing, Wellbeing Software’s maternity records system, benefitted from product improvements.
The business refocussed primary care data extraction service Apollo to post-market segmentation analysis.