IFM Investors’ private equity arm has acquired a majority stake in Genie Solutions, the largest provider of specialist medical software in Australia.
Announcing the investment, IFM Investors Head of Private Equity Steven Lipchin said that IFM closely monitored the health technology sector, and expects that Genie Solutions will provide a strong base to deliver on IFM’s vision of a broader medical practice centred technology platform.
“We are proud to bring into our portfolio an outstanding business that has delivered high quality technology products and services to specialist and general medical practices in Australia. We look forward to further enhancing Genie’s value proposition to its customers, and providing strategic and capital support to the business to deliver on its next phase of growth.”
Genie Solutions was founded in 1995 by Dr Paul Carr, and has since been continuously refined and enhanced to work intuitively with the natural flow of clinics. The company is the largest provider of practice and clinical software to Australian specialist medical practices, including the software that integrates clinical management, appointments and billing and operates at over 3,500 sites. Paul, John and Justin Carr will continue to have a minority stake in the business and provide ongoing strategic and operational support.
Paul Carr commented that “we are delighted that IFM Investors has chosen to invest alongside us. As experienced growth investors, we believe IFM can provide the guidance and execution support to enable Genie Solutions to become an even better product and service provider to Australian medical practices.”
IFM Investors has a well-established presence in private equity and provides institutional investors with a flexible and transparent platform to access private equity investments. Its private equity model benefits investee companies through an openness to taking minority or majority stakes, flexible investment horizons, and the ability to continue committing follow-on capital as required for growth.
This transaction follows the acquisition of a large minority stake in Colette by Colette Hayman in February this year.
“These transactions highlight IFM’s differentiated approach to private equity, which is based on a pro-active partnership with businesses and superior transparency and collaboration with our investors,” commented Lipchin.
IFM Investors’ private equity team seeks to invest in growing businesses in Australia and New Zealand with a value of between $50-300 million. The terms of this transaction were not disclosed.
The shareholders of Genie Solutions were advised by KPMG Corporate Finance as lead advisor.