Longreach buys Japan healthcare SaaS player
North Asia buyout specialist The Longreach Group has invested an undisclosed sum in Wellness Communications Corporation (WCC), a Japanese healthcare software-as-a-service (SaaS) provider.
WCC was established as a subsidiary of Itochu Corporation in 2006. Health insurance group Sompo Holdings acquired a 51% for JPY 20bn (USD 153m) in 2019, leaving Itochu with 49%.
The core offering spans health management system software mainly used by large enterprises and medical check-up outsourcing services for corporate health insurance associations. WCC developed the corporate health management app Re:Body alongside mobile operator NTT Docomo.
The company is described as a market leader in the health SaaS and medical services outsourcing segments, where it claims to be achieving increasing market share and growth rates above the industry average. Annual revenue currently exceeds JPY 10bn, according to a statement.
The plan is to become the leading health management platform in Japan in a broader sense, developing a comprehensive health management service for corporate customers and their employees. This will be based on individuals' health data.
To this end, Longreach will also support the execution of bolt-on acquisitions and facilitate an IPO. The private equity firm said it expects WCC to go public within its investment period.
Longreach invests across Japan and Greater China with a preference for control buyouts in industrial and technology, consumer, and business services. The firm closed its third buyout fund on USD 650m in 2019. Cheque sizes fall in a range of USD 50m to USD 250m.
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