Waterman exits New Zealand's HealthLink
New Zealand’s Waterman Capital has exited its entire 50% stake in HealthLink, a local online services provider for the healthcare industry, to Ireland-based medical technology specialist Clanwilliam.
Financial details were not disclosed. However, Clanwilliam confirmed that the deal brought its Australasian investments this year to NZ$70 million ($51.4 million). This activity includes at least three additional healthcare software acquisitions in the region.
Waterman acquired a 50% stake in HealthLink in late 2013 for an undisclosed sum via its second fund, which closed in 2010 at NZ$83 million. Value-add initiatives by the GP included an Australian expansion, talent acquisitions and a number of contracts with government organizations.
Founded in 1993 by a subsidiary of Telecom New Zealand, HealthLink helps paper-based healthcare groups digitize operations with a suite of online tools focused on both clinical and business-related services. About 13,500 healthcare organizations and professionals use the company's platform to exchange more than 100 million electronic messages a year. This compares to about 60 million exchanges a year and a client base of 30,000 professionals at the start of the Waterman holding period.
"Clanwilliam Group's investment is clear recognition of the importance of the health system integrator's role in integrating information flows within the modern health system," Graeme Stretch, CEO of HealthLink, said in a statement. "We have a common belief that information technology can be of great benefit to the delivery of healthcare and can best be achieved by connecting information systems, allowing healthcare providers to automate and streamline their existing processes."
Investment interest in New Zealand healthcare aims to leverage regional aging trends and reputational strengths in medical innovation. Recent private equity activity includes commitments to Heritage Lifecare and Nirvana Health, as well as the launch of a New Zealand strategy by Australian life sciences investor Brandon Capital.
Waterman closed its third fund in March last year after reaching the hard cap of NZ$200 million. This followed a full exit from Manuka Health New Zealand for an undisclosed sum.
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