Healthcare technology group Clanwilliam has confirmed its sale to global private equity company TA Associates.
The Irish-founded company, which specialises in electronic healthcare record technology, did not disclose the value of the deal. However, it is understood to be around $450 million (€414 million).
“A definitive agreement has been signed whereby Clanwilliam Group will be acquired by global private equity firm, TA Associates,” Clanwilliam said in a statement. “As is customary for multinational transactions of this scale, the transaction is subject to regulatory approvals and the transaction details will remain confidential until the regulatory process is complete.”
The deal is expected to take several weeks to complete. It must be cleared by regulators in Ireland, the UK, Australia and New Zealand, where the company has operations.
Clanwilliam provides electronic health records technology to clients across the world, and is the main supplier of electronic patient record software used by Irish general practitioners. Its most recent accounts showed it had a turnover of €96 million in 2023.
The company was boosted by the digitising of the healthcare system in the wake of the Covid-19 pandemic, and has also expanded through a series of acquisitions in different global markets.
The change in ownership is not expected to impact jobs at the company, and the current management is understood to be staying in place, including founder and chief executive Howard Begg.
The announcement puts an end to speculation over Clanwilliam’s future ownership. The prospect of a sale has loomed for more than a year, with potential buyers such as CapVest initially in the running.
Clanwilliam Health has been under the control of a trust led by US businessman Hugh S Wilson, Clanwilliam Group Trust, since November 2020. Before that, it was owned by Eli Global, which bought the healthcare company in 2014.
Founded by Mr Beggs as Helix Health, Clanwilliam has grown over the past two decades to a global healthcare technology company. It employs more than 950 people with operations in Ireland, Australia and New Zealand. Some three quarters of its revenue now comes from outside Ireland.
Goodbody advised the trust on the sale.
