Catapult Ventures’ portfolio company Monica Healthcare, a specialist in foetal monitoring, has been acquired by GE Healthcare.
The cash purchase will generate returns of 3.5x for the East Midlands Regional Venture Capital Fund, managed by Catapult Ventures.
Founded in 2005 as a spin out from the University of Nottingham, Catapult invested in Monica Healthcare at inception and has led every round of investment since. The company has experienced rapid growth and last year, Monica’s advanced foetal monitors were used by more than 100,000 patients at approximately 1,000 sites across Europe, Asia and North America.
In 2015, Monica launched its Novii Wireless Patch System – a single-patient use patch that monitors maternal heart rate, foetal heart rate, and uterine activity, even on some of the most difficult to monitor patients. GE Healthcare has been the North American distribution partner for Novii since launch.
Tammy Noll, general manager of GE Healthcare’s maternal-infant care division, says: “Through this acquisition, we will combine the incredible expertise and mobile-digital innovation from the Monica team with GE’s longstanding industry leadership and customer focus – all with the goal of bettering maternal and infant care for patients worldwide.”
Carl Barratt, founding CEO of Monica Healthcare, says: “Joining GE Healthcare provides a fantastic opportunity to bring together Monica’s digital offerings with GE Healthcare’s global infrastructure to provide even stronger capabilities and solutions to customers around the world. This is an excellent outcome for the Monica team and our investors, led by Catapult, who have been 100 per cent supportive as Monica has transitioned from a start up with innovative technology to a full blown products company and sales around the world.”
Nick Wright, CEO of Catapult Ventures, says: “I’m delighted to congratulate Carl and the team, including Monica chairman Kevin D’Silva, on their acquisition. GE Healthcare are perfect partners to help Monica grow to their next stage. Monica is exactly the kind of company we look to invest in –passionate founders using differentiated technology to generate strong financial returns.”
