The Citadel Group Limited (ASX: CGL), an Australia-based business services company, announced this month it was acquiring Wellbeing Software for roughly $134 million, or 6.2x the group’s 2019 revenue of $21.6 million.
Elysian Capital is selling the eHealth firm, which provides radiology and maternity software that manage patient workflow and data, as well as electronic health record management and data management solutions. The company’s platform, which includes Healthcare Software Systems, Euroking and Apollo Medical Systems, is used by more than 80% of NHS organizations.
This merger will support Wellbeing Software’s international market expansion and compliment Citadel’s portfolio of pathology and oncology systems. Wellbeing expects to see revenue rise to $24.3 million in 2020.
It’s been a busy year for the eHealth sector. At the time of writing, there have been 32 transactions on the books in 2020, and $2.18 billion in spending.