Hospital sign

Elysian Capital I teams with management to acquire Wellbeing Software Group

Elysian Capital I has acquired, in conjunction with the company’s management, Wellbeing Software Group, an IT group focused on the provision of software solutions and services to hospitals throughout the UK.

The group is formed of three distinct business units, HSS, EuroKing and Apollo, of which HSS is the largest.
 
HSS, based in Mansfield, supplies radiology software (RIS) into secondary care (hospital trusts).  The software is at the core of the radiology department, holding patient information; appointment scheduling; radiology history (e.g. MRI, X Ray or Ultra Sound); as well as providing the functionality and history for the diagnosis, consultants reports, peer review and a platform for sharing the information across multiple stakeholders.
 
EuroKing, based in Chertsey, provides similar software functionality as HSS, but very specifically to hospital maternity units rather than radiology departments.
 
Apollo, based in Sunderland, provides a primary care data extraction service.  Based on a transactional model, it has software installed across 85 per cent of UK GP systems and provides data extraction services to a combination of public and private sector (pharmaceutical, clinical trials, pharmacy and analytics) companies who require up to date, aggregated, clean and anonymised clinical data covering the likes of at risk patients, diagnoses and evidence based medicine.
 
Edward Brett, partner at Elysian Capital, says: “We are delighted to be working with Craig and his team at Wellbeing Software.  Wellbeing is a market leader in the software products it supplies which in turn are crucial to the efficient operation of significant elements of the UK health service. There is room for substantial growth across all three business areas and our focus is on supporting the management team to invest in their products, develop enhanced functionality and so further support the company’s customers in providing a first rate healthcare service.”
 
Craig Smith, CEO of Wellbeing Software Group, says: “We are very pleased to have concluded this acquisition with Elysian Capital, who share our vision for the future growth and development of our suite of market leading businesses. Wellbeing and its software products provide a critical service to support the delivery of healthcare in the UK.  We believe that, with the help of Elysian Capital, we can expand the range of products we offer and improve the services we provide to our customers. As a marketing leading SME, our aim is to continue to assist in driving economic and clinical efficiencies - through innovation - to create benefits within the healthcare system for both patients and staff.”
 
Elysian Capital was advised by Catalyst Corporate Finance (corporate finance); Speechly Bircham (legal); Alvarez & Marsal (financial, tax due diligence and tax structuring); CIL (commercial); Aon Group (insurance); and Intuitus (IT). Management were advised by DAC Beachcroft (legal) and the vendor was advised by Thomas Eggar (legal). 
 
Senior debt and working capital facilities were provided by the acquisition finance team at Lloyds Bank Commercial Banking. 

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