Hg is selling MEDIFOX DAN, a leading provider of digital solutions for the German care and therapy sectors, to ResMed, a global leader in cloud-connected medical devices and out-of-hospital software-as-a-service (SaaS) business solutions, in a transaction valuing the business at an enterprise value of around $1bn.
This transaction values HgCapital Trust’s investment in MEDIFOX DAN at approximately £47.3m. This would represent an uplift of £14.6m (45% or 3.2 pence per share) over the carrying value of £32.7m in the NAV at 31 March 2022.
Based on the 31 March 2022 reported NAV, the pro-forma NAV of the trust is expected to be £2.1bn or 454.9 pence per share. HGT’s available liquid resources, which includes the undrawn bank facility of £250m for future deployment (including all announced transactions) are estimated to be £476m (23% of the pro-forma 31 March 2022 NAV).
Founded in 1994 and headquartered in Hildesheim, Germany, MEDIFOX DAN is a leading provider of software solutions and services to care and therapy providers. Its core offering comprises digital solutions for resource and route planning, care planning & documentation, administration, and billing, as well as factoring and hosting services. The group has more than 600 employees across eight locations in Germany. More than 300,000 caregivers trust in the innovation and quality delivered by one of the largest R&D teams in the industry.
The statement says that ResMed is a world-leading digital health company. Its pioneering cloud-connected medical devices and out-of-hospital software solutions have transformed care for over 137m people globally. ResMed is also said to be a leader in mission-critical enterprise software and services for the out-of-hospital care sector, serving homecare provider, stationary and ambulatory care equivalent sectors in the United States.
This is ResMed’s opportunity to expand its SaaS business footprint outside the US, and in Germany, in particular.
HGT : Hg sells MEDIFOX DAN