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IFM Investors acquires leading medical specialist software platform Genie Solutions

MEDIA RELEASE

20 April 2017

IFM Investors acquires leading medical specialist software platform Genie Solutions

IFM Investors’ private equity arm has acquired a majority stake in Genie Solutions, the largest provider of specialist medical software in Australia.

Announcing the investment, IFM Investors Head of Private Equity Steven Lipchin said that IFM closely monitored the health technology sector, and expects that Genie Solutions will provide a strong base to deliver on IFM’s vision of a broader medical practice centred technology platform.

“We are proud to bring into our portfolio an outstanding business that has delivered high quality technology products and services to specialist and general medical practices in Australia. We look forward to further enhancing Genie’s value proposition to its customers, and providing strategic and capital support to the business to deliver on its next phase of growth.”

Genie Solutions was founded in 1995 by Dr Paul Carr, and has since been continuously refined and enhanced to work intuitively with the natural flow of clinics. The company is the largest provider of practice and clinical software to Australian specialist medical practices, including the software that integrates clinical management, appointments and billing and operates at over 3,500 sites. Paul, John and Justin Carr will continue to have a minority stake in the business and provide ongoing strategic and operational support.

Paul Carr commented that “we are delighted that IFM Investors has chosen to invest alongside us. As experienced growth investors, we believe IFM can provide the guidance and execution support to enable Genie Solutions to become an even better product and service provider to Australian medical practices.”

IFM Investors has a well-established presence in private equity and provides institutional investors with a flexible and transparent platform to access private equity investments. Its private equity model benefits investee companies through an openness to taking minority or majority stakes, flexible investment horizons, and the ability to continue committing follow-on capital as required for growth.

This transaction follows the acquisition of a large minority stake in Colette by Colette Hayman in February this year.

“These transactions highlight IFM’s differentiated approach to private equity, which is based on a pro-active partnership with businesses and superior transparency and collaboration with our investors,” commented Lipchin.

IFM Investors’ private equity team seeks to invest in growing businesses in Australia and New Zealand with a value of between $50-300 million. The terms of this transaction were not disclosed.

The shareholders of Genie Solutions were advised by KPMG Corporate Finance as lead advisor.

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IFM Investors media contact: Phil Davey – 0414 867 188

   

About IFM Investors

IFM Investors is an investor-owned global fund manager with A$75 billion under management. Established over 20 years ago and owned by 28 Australian not-for-profit superannuation funds, IFM Investors’ interests are deeply aligned with those of its investors. Investment teams in Australia, North America and Europe manage institutional strategies across infrastructure, debt investments, listed equities and private capital. IFM Investors is committed to the United Nations supported Principles for Responsible Investment and has been a signatory since 2008. IFM Investors has offices in seven locations: Melbourne, Sydney, New York, London, Berlin, Tokyo and Hong Kong. All data is at 28 Feb 2017. For more information visit www.ifminvestors.com

About Genie Solutions

Genie Solutions is Australia’s leading specialist software provider. Established in 1995, the company has over 100 staff across offices nationwide. Approximately 50% of specialist practices use Genie Solutions software, and benefit from a large experienced support team with a track record of helping medical practices outperform. In January 2017, Genie Solutions officially launched Gentu, a cloud based medical practice software platform. For more information please visit https://www.geniesolutions.com.au/

 

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