Superannuation fund-backed private equity firm, IFM Investors has closed a deal of more than $50 million, acquiring a majority stake in specialist medical software provider, Genie Solutions.
Established in 1995, Genie Solutions was the market-leader vendor and carried over 100 staff across Australia as the largest provider of practice and clinical software. Founders Paul John and Justin Carr would continue to hold minority stakes.
“IFM can provide the guidance execution to support and enable Genie Solutions,” Carr said.
Announcing the investment, IFM Investors head of private equity, Steven Lipchin, said the deal would sustain the firm’s commitment to a broader medical practice centred technology platform.
“We look forward to… providing strategic and capital support to the business to deliver on its next phase of growth,” he said.
“We are proud to bring into our portfolio an outstanding business that has delivered high quality technology products and services.”