Software business CliniSys, which provides products for clinical laboratories, has been sold to Montagu Equity Partners by another private equity firm.
Following a 2007 transaction which saw ECI Partners acquire CliniSys for £61 million (plus and earn-out of up to £2 million), the firm has sold its interest.
The healthcare IT company is based in Surrey and provides its test results software product to 2,000 laboratories in 34 countries.
Fiona Pearson, chief executive of CliniSys, comments, ‘ECI has been an incredibly supportive partner for us, helping us to nurture sustainable growth and to significantly expand our international business, which now generates over half of our total revenues.
‘We have a strong market position in Europe but there are still significant opportunities for us to expand further into new territories, and consolidate our position.’
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The exit is ECI’s first of the year following a period which has seen it make two new acquisitions, in Citation and Amber Travel, and support the an acquisition for portfolio company CarTrawler.
According to a statement, since backing CliniSys, ECI has overseen an increase in revenues of 50 per cent to £34 million.
Tom Wrenn, partner at ECI, adds, ‘[The] sale represents another successful transaction for ECI, and highlights our strong track record in and commitment to building international market-leading businesses in the TMT sector.
