Mercia and NPIF achieve 4.1x return on sale of Radar Healthcare ...
Radar Healthcare, the Leeds-based healthtech company, has been acquired by global investment firm Marlin Equity Partners.
The deal provides an exit for Mercia Ventures, which had backed the company since 2017 using funding from the first Northern Powerhouse Investment Fund (NPIF), and which received £7.5m, a return of 4.1x.
Radar Healthcare is a leading provider of risk, quality and compliance software for the health and social care sectors. Its solutions help providers to meet regulatory standards, spot trends, prevent incidents and drive continuous improvement.
Graham Davies of Mercia Ventures said:“We supported Radar Healthcare from an early stage and are pleased to have played a part in its success. The company has grown steadily over the years and its software is now used by leading NHS Trusts and private healthcare providers. This deal, which includes fresh investment for growth, will help it to accelerate product development and international expansion and move to the next stage of its development.”
Mercia’s co-investor 24Haymarket and the company’s founders Paul Johnson and Lee Williams will retain minority stakes in the business.
Paul Johnson, CEO of Radar Healthcare, commented: “We are thrilled to partner with Marlin to accelerate our growth and further enhance our product offering. As the demand for unified systems to support care delivery continues to grow, this investment allows us to scale our solutions to meet the evolving needs of our customers across healthcare and social care.”
Chris Clasper, Principal at Marlin, added: “The Radar Healthcare team has developed an innovative and customer-centric platform that is uniquely positioned to support the mission-critical needs of healthcare and social care providers. We are excited to work alongside the founders and management team to provide operational and financial resources that will support Radar Healthcare’s continued growth.”
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