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ScriptSwitch, the medicine Prescribing software company, has been acquired by ISIS Equity Partners investing funds from the Baronsmead VCTs in a £9.9m Replacement Capital transaction.
ScriptSwitch provides an innovative prescribing software product to Primary Care Trusts (‘PCTs’), which is then employed by GPs in their surgeries. Based in Coventry, ScriptSwitch currently has 79 contracts in place with 52 PCTs that include Darlington, South West Oxfordshire and Norfolk. The ScriptSwitch software is a sophisticated medicines management tool that delivers consistency and conformity in prescribing, whilst quantifying and reporting on cost savings.
The product has enabled cash-strapped PCTs to save millions of pounds from their drug budgets. Following the National Audit Office report on Friday 18 May, the ScriptSwitch software provides solutions to many of the issues raised in the Prescribing Costs in Primary Care report.
For ISIS, who have invested in ScriptSwitch alongside previous funders Midven, a regional Midlands Fund Manager, the acquisition adds to their significant experience of backing and growing both healthcare and IT businesses.
Mike Washburn, Managing Director, was instrumental in the set up of ScriptSwitch. Washburn comments: “ScriptSwitch is a unique prescribing tool that has created its own market opportunity. We are well poised for growth and look forward to building on our successes to date with both PCTs and GPs. We have been very impressed with ISIS’s knowledge and understanding of both the Primary Care and IT Healthcare markets. We look forward to working with them and strongly believe that with their backing we can take the business to the next stage and capitalise on a significant untapped market opportunity.”
Matt Caffrey, who led the transaction for ISIS supported by Richard Bucknell, added: “ScriptSwitch is a rare example of a business that has developed a unique product and created its own market opportunity from scratch. With our support, we are confident that management will continue to develop the business in what is an exciting sector with significant further growth potential.”
Jim Horsburgh, who has significant experience in the IT healthcare industry, has been appointed Non-Executive Chairman. Horsburgh understands the specific challenges facing the business since he is currently Chair of System C, which provides Patient Administration Systems to the secondary care market. He successfully guided the company through to a stock market flotation in 2005.
After being introduced to the Company by Friend LLP in November 2006, ISIS have invested £4.6m.
23 May 2007 |
