Helix Health secures €9 million in funding to expand business

Healthcare software firm Helix Health has secured €9 million in funding as it seeks to grow its business.

The company will use part of the funding, which is being provided by BlueBay Ireland Corporate Credit with substantial investment from the Ireland Strategic Investment Fund, to finance future acquisitions of complementary businesses.

In the past two years, the company has bought two UK-based firms, acquiring private practice management software companyDGL Solutions in 2013 and web-based pharmacy dispensing software firm RxWeb a year earlier. Helix Health said it was looking at a number of targets with strong positions in overseas territories.

The new investment will also facilitate an exit for the 2007 Davy BES Fund, which invested in the company in 2008.

The funding is being provided under a five-year committed senior loan facility.

Helix Health employs more than 125 people in research, development and customer service, with more than 4,000 pharmacies and private medical practices throughout the UK and Ireland on its client list.

"This new, long term funding provided by BlueBay Ireland will provide Helix Health with significant funding capacity and the flexibility to investigate additional organic growth and acquisition opportunities in the UK and Ireland and overseas," Helix health CFO Matthew Scaife said.

“Our team has successfully transformed our business into a leading provider of pharmacy and private medical practice management software in the UK and Ireland through a combination of organic investment and acquisitive growth.”

BlueBay Ireland has announced five transactions since its launch in July last year, which represent about €100 million of committed loans.