Irish-founded healthcare, technology, and services group Clanwilliam Health have acquired Cork-based software company KM Medical for an undisclosed sum.
While no financial details of the deal have been disclosed, Clanwilliam typically spends between €5 million and €15 million on acquisitions.
KM Medical is an Enterprise Ireland-backed company that specializes in cloud-based electronic medical records solutions for surgeons, physiotherapists, and many other specialists. They are also responsible for clinical outcome software used in specialties such as orthopedics, gynecology, and neurology. Its clients include the HSE, Mater Private, St Vincent’s Private Hospital, and the Sports Surgery Clinic in Santry.
The Cork-based company was founded by Karuppiah Mahalingam, a consultant orthopedic surgeon at Mater Private Hospital, in 2007. It is now led by Andy O’Donoghue.
“Innovation is always high on our strategic agenda and KM Medical’s impressive products and technology stack fits extremely well with Clanwilliam’s growth strategy,” said chief executive Howard Beggs. Mr. Beggs was formerly the founder of Helix Health, which was acquired by Eli Global for a reported €45 million in late 2014.
Clanwilliam, which has acquired more than 15 businesses in recent years across Ireland, Britain, Australia, and New Zealand, reported a €23.3 million loss in 2018 as revenues rose to €31 million from €26 million in 2017, according to accounts filed for its Irish operation. The group employs over 1,200 people globally.