Emeram sells Meona to Trill Impact

Emeram acquired Meona in November 2017, combining it with Belgian market peer ECare BVBA. Emeram deployed equity via Emeram Fund I, which held a final close in January 2015 on €400m. The fund invests in DACH-based companies with revenues of €20-150m, deploying equity tickets of €20-50m.

Raiffeisenlandesbank Niederösterreich-Wien provided debt to back the buyout.

The company acquired Dr Heni Software in 2019, adding its Zenzy and A-Taxe products to its software portfolio.

Emeram said in the statement that it assisted the company with the expansion of its product portfolio and business development initiatives during the investment period.

The deal is Emeram's second exit of 2021; the GP sold Germany-based digital workspace software platform Matrix42 to Corten Capital in April.

Alongside Meona, Trill is also acquiring a majority stake in I-Solutions Health, a long-term partner of Meona, with the aim of merging the companies and creating a larger platform within the healthcare IT market. The merger remains subject to approval from the German competition authority.

Trill said in a statement that it is acquiring shares in I-Solutions from a German family office and a national radiology chain.

Trill Impact focuses on mid-cap companies based in the Nordic, DACH and Benelux regions, investing in line with the UN's sustainable development goals. The GP said in the same statement that the investments in Meona and I-Solutions are in line with two of the UN's Sustainable Development Goals: good health and wellbeing; and industry, innovation and infrastructure goals.

The firm is backed by Nordic bank Nordea and is headquartered in Stockholm. Prior to acquiring Meona and I-Solutions, the GP bought education technology company ILT Education from Priveq.

Company
Meona is a software platform that assists hospitals with the digitisation of processes within patient care and patient management. Its software covers areas including prescriptions and diagnoses coding. Founded in 2008, the company is headquartered in Freiburg and employs 140 staff, representing more than double its headcount at the time of Emeram's investment in 2017.

I-Solutions is headquartered in Mannheim and was founded in 1968. It provides enterprise resource planning software and IT consultancy services for general clinics, radiology clinics and laboratories. The company employs 200 staff, according to LinkedIn.

People
Trill Impact – Jan Ståhlberg (founder, managing partner),
Emeram Capital Partners – Kai Köppen (senior partner).
Meona – Tobias Schäfer (CEO).
I-Solutions Healthcare Joachim Schweizer, Wolrad Rube (managing directors).

Advisers
Vendor – Jones Day (legal); PwC (financial due diligence); GCA Altium (M&A).

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