Growth equity investor Verdane has partnered with Conscriptor, Sweden’s largest developer of medical journal documentation services and dictation software, and Max Manus, a speech recognition and dictation software company.
Growth equity investor Verdane has partnered with Conscriptor, Sweden’s largest developer of medical journal documentation services and dictation software, and Max Manus, a speech recognition and dictation software company.
Conscriptor and Max Manus will be merged to form a SEK 250 million Nordic healthcare tech group specialised in medical transcription services and speech recognition. The intention is to help healthcare professionals and care institutions dramatically increase time for direct care by digitalising healthcare administration and documentation processes, according to the group.
Martin Elster, CEO at Max Manus, commented on the deal: ”Nordic healthcare systems are already under severe pressure due to COVID-19. Effective digital solutions would increase available capacity in the entire system, which would in turn improve resilience in times of crisis. Conscriptor and Max Manus’s combined offering will help our welfare systems tackle long-standing resource scarcity and workload stress problems.”
The investment is made by Verdane’s SEK3 billion Edda fund. Following the deal the companies will become part of Verdane’s software portfolio, which includes businesses such as Freespee, HappyOrNot, Hive Streaming, Talentech and Scanmarket.
”There is significant potential in the Nordics to draw on new technology to increase healthcare efficiency. Administration and routine processes are going to be increasingly digitalised,” says Jakob Tolleryd, partner at Verdane.
Conscriptor is Sweden’s largest developer of medical journal documentation services and dictation software for hospitals and health centres. The company has developed Europe’s most used medical dictation app, MedSpeech.
“We are going to be the Nordic category leader in freeing up time for direct care. Only 30 percent of all time spent by healthcare professionals today is spent with patients. It’s one of the most pressing issues facing our healthcare system, and it is at the top of both the public sector and political agenda” said Henric Carlsson, CEO at Conscriptor.
“Our ambition is to double direct care time in the Nordics using our transcription and speech recognition technology. It’s an immediately effective way of digitalising our healthcare sector and using AI to make everyday tasks easier for the people on the ground,” added Carlsson.
