Mid-market private equity investor Inflexion has sold IASIST, the Iberian division of performance measuring specialist Healthcare Knowledge International.
Mid-market private equity investor Inflexion has sold IASIST, the Iberian division of performance measuring specialist Healthcare Knowledge International (HKI).
The sale completes Inflexion’s exit of HKI, with a total return of 2.7 times its investment. It follows the disposal of the company’s UK division to Capita Group in February.
HKI, which helps European health services increase their efficiency by measuring their performance, was acquired by Inflexion in 2004 for an enterprise value of £13 million. Revenue has tripled since then, according to the firm.
Inflexion MD John Hartz comments, ‘During the period of our ownership, IASIST has grown from a small base, offering a limited set of products and breaking even to becoming the principal supplier of a co-ordinated suite of services to the healthcare organisations of Spain and Portugal.
‘IASIST has more than doubled the number of employees and has recently been working on growth prospects in South America.’
The sale is the sixth exit from Inflexion’s 2003 fund and leaves four remaining investments.