Symphony Technology Group to acquire European healthcare software businesses from McKesson Corporation
2nd June 2014
--Deal will create a new platform for innovation in health and social care information technology--
Symphony Technology Group (STG), a private equity firm that invests in software and information technology companies, today announced that it has agreed to acquire several of the European healthcare technology operations of McKesson Corporation (McKesson). These operations include the UK Health and Social Care business, including System C and Liquidlogic, as well as McKesson’s software operations in France and the Netherlands.
STG’s objective is to create growing, profitable businesses that are acknowledged as best-in-class within the markets they serve. The acquisition of the McKesson operations represents another step in STG’s commitment to innovation in the healthcare market. STG’s current healthcare portfolio includes Symphony Health Solutions, a leading provider of high-value data, analytics and software tools for healthcare and life sciences companies and Evidera, an international health research and consulting company.
Each of the McKesson businesses is an established supplier in its respective local market, providing strategic information technology systems that manage the flow of information between departments and organizations. These systems assist health and social care practitioners in delivering improved outcomes to those individuals in their care.
STG intends to operate the acquired businesses as independent companies that will remain focused on serving the current and future needs of their respective customers. STG intends to support the continued expansion of each business’s solution sets both by creating new, innovative products and through selective acquisitions. It will leverage, where appropriate, insights and capabilities from other STG portfolio companies serving the healthcare market.
“We are excited about supporting the McKesson businesses through the next stage of their growth,” said STG Managing Director Marshall Haines. “The companies’ products are held in high regard by users and have the advantage of being ‘home grown’ solutions that are designed for the specific needs of their respective local customers. We intend to build on the existing customer-centric culture of each of the businesses and invest in further development of the product portfolio.”
“We are pleased to have found a new owner in STG, which is an experienced and long-term investor,” said Patrick Carter, chairman, McKesson International Operations Group (IOG). “Moreover, we have been impressed by STG’s deep understanding of the healthcare market and we believe this will enable these businesses to continue to deliver great value to the customers they serve.”
The deal is expected to close in June. Terms have not been disclosed.