STG acquires McKesson's European healthcare software divisions

Ellie Pullen
04 June 2014

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US private equity firm Symphony Technology Group has acquired the French, Dutch and UK healthcare software divisions of McKesson Corporation.

The carve-out from McKesson's international operations group comprises Maidstone-based System C Healthcare and its Leeds-based subsidiary Liquidlogic, as well as the software operations of McKesson Netherlands and McKesson France.

STG is a Palo Alto-headquartered private equity firm with additional offices in London and Bangalore. The firm invests in technology companies and is headed up by Romesh Wadhwani, the founder and former CEO of Aspect Development.

San Francisco-headquartered McKesson was founded in 1833 and employs more than 37,000 staff worldwide. Revenues for the year ending March 2014 reached $137.6bn.

Companies
The acquired divisions all operate within the IT sector for healthcare organisations, with the UK divisions serving both the National Health Service (NHS) and the private health sector. Software products offered by the businesses include electronic patient record and patient management systems, medical imaging software and patient billing systems.

Founded in 1983 and headquartered in Maidstone, System C employs 230 staff and generated revenues of £15.7m for the year ending March 2013. In 2005, the company floated on the AIM of the London Stock Exchange, raising £47.7m. It was then acquired by McKesson in 2011.

Its Leeds-based subsidiary Liquidlogic was founded in 2000 and acquired by System C in 2009 for a reported £14.2m. Liquidlogic employs 80 staff and is believed to have generated revenues of £7.3m in the year ending March 2013.

McKesson Netherlands is based in Nieuwegein and employs 90 staff, having been established in 1999.

McKesson France is headquartered in Bordeaux with additional offices in Paris, Grenoble and Poitiers. It employs 320 staff and was founded in 1999.

People
Patrick Carter is the chairman of McKesson's international operations group. Marshall Haines is a managing director at STG.

Paul Richards is the managing director of health and social care for McKesson UK, while David Grigsby is the director of Liquidlogic. Christophe Boutin is the president of McKesson France and McKesson Netherlands.