New Zealand’s leading medical technology company Medtech Global has been sold to Acclivis Group, an Australasian healthtech advisory and investment business, and Advent Partners, a private Australian investment fund, for an undisclosed sum.
Vino Ramayah, Medtech Global founder, says the company will be restructured at the same time.
Medtech Global will retain the advanced practice management software and state-of-the-art solutions for general practitioners (GPs), specialists, allied health workers and health organisations.
This part of the business has been the market leader in practice management systems in New Zealand for several years, meaning its software has been the system of choice for the majority of GP clinics. The company’s health tech solutions also have solid footprints in the United States, the United Kingdom, Australia, Ireland, and India.
Mr Ramayah, who has spent the past 20 years building Medtech Global, says he is divesting from the wider business because it is time for new talent to lead and grow it.
Geoffrey Sayer, Acclivis Group’s managing director, will become Medtech Global’s new chief executive. Geoffrey is a 20-year veteran with a strong track record as a business builder and industry leader in the healthcare tech market across Australia and New Zealand.
He is well known in New Zealand as the former managing director of Toniq, the largest pharmacy software business in New Zealand. That was sold in to Clanwilliam, a group of health technology companies, in 2017.
Mr Sayer who has a reputation for growing businesses says listening to Medtech Global’s customers and adapting will be key to further success.
“In these challenging times, new models of care have arisen,” he says. “Medtech has to meet those challenges if we are to make things easier for our users and partners.”
Acclivis Group and Advent Partners were advised by Allier Capital during the sales process.
At the time of the sale, patient health and consumer portal Manage My Health was spun out of Medtech Global into Mr Ramayah’s investment firm Cereus Holdings.
Mr Ramayah says Manage My Health already has 700,000 users in New Zealand and a growing international footprint. The personal health software enables people to manage their own health and well-being together with their GP and other healthcare providers.
“I am a firm believer in the democratisation of health,” Mr Ramayah says. “I also maintain strong interest in the development of cutting edge technologies in health.”
Cereus Holdings was advised by KPMG Corporate Finance in Brisbane and Maddocks during the sale process.