December 15, 2021
Carasent ASA acquires Medrave Software AB - invitation to webcast 16 December
08:00 CET.
Carasent ASA has acquired the Swedish company Medrave Software AB, including its
fully-owned Norwegian subsidiary Medrave Software AS (together "Medrave"), a
market leader in Scandinavia within quality improvement software for healthcare
practices within primary care and secondary outpatient care.
"We are very pleased to have completed this transaction with Medrave. Its
complementary products will strengthen Carasent's offering and provide cross
sale potential within primary and specialist care in Sweden. Medrave is also
aiming to scale up their presence in the Norwegian market, which is well in line
with our own strategy of launching Webdoc in Norway", says Dennis Höjer, CEO of
Carasent.
Medrave was established in Sweden in 2007 by the two doctors Per Stenström and
Svein Gjelstad, however, history dates back to 1997 when Per Stenström led an
internal project in Region Stockholm to develop a reporting tool for quality
improvement to primary care clinics. Medrave's module-based software provides
clinical reports to GPs, physiotherapists, child care, urgent care, youth care,
mental health and habilative care practices. The quality improvement solution
automatically collects and sorts data, analyze and visualize, tracks and
benchmarks KPIs, and provides automatic reporting. As such, healthcare
professionals save time, get better overview, can reach goals easier, and have
consistent and improved reporting - ensuring safer care for all patients.
"We are impressed by the module-based software solutions that the Medrave team
has developed over many years and look forward to work with 16 new highly
competent and motivated employees. The quality improvements tools developed by
Medrave will expand our offering with a product in high demand among our
customer base and enable us to service our clients in a new segment, the public
healthcare sector. In summary, this transaction provides a strong rationale
adding a new product to our portfolio in line with communicated strategic
priorities of expanding within product, segment and geographical dimensions,"
Höjer adds.
Medrave has an attractive customer base of more than 260 clients across Sweden
and Norway, covering 1,646 practices and an estimated 8.8 million patients, with
~60% of revenue from the public sector in 2020.
Medrave's revenue and EBITDA were approximately SEK 23 million and SEK 6 million
as per last twelve months end of October 2021, with 99% recurring revenues and
an annually recurring revenue ("ARR") of approx. SEK 22 million. Medrave has
delivered consistent historical organic growth of ~15% revenue compounded annual
growth rate ("CAGR") from 2017-2020. However, through leveraging Carasent and
Medrave's combined scale and product offering in existing and new markets, there
are great opportunities to accelerate the growth rate going forward.
The purchase price will be SEK 134 million, corresponding to an enterprise value
of SEK 125 million less Medrave's consolidated net cash position of SEK 9
million (the ("Purchase Price").
The transaction purchase price will be settled as follows:
- SEK 110 million of the Purchase Price in cash upon closing,
- SEK 23.75 million will be reinvested by key employees in Carasent amounting to
627,391 consideration shares (corresponding to 18% of the Purchase Price),
valued at a price of NOK 37.43 per share, corresponding to the 30-day volume
weighted average price ("VWAP") at 13 December 2021 (the "Reinvestment").
The completion of the acquisition is subject to customary closing conditions and
is expected to close during January 2022.
In relation to the acqusition, Carasent will host a webcast to present the
acquisition 16 December at 08:00 CET. The presentation will be given by Dennis
Höjer, CEO and Svein Martin Bjørnstad, CFO.
Please use the following link to access the presentation:
https://channel.royalcast.com/landingpage/hegnarmedia/20211216_2/
The webcast will be held in English only and will include a live Q&A session.
Carnegie acted as financial advisor to Carasent in connection with the
transaction.
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About the companies:
Carasent ASA:
Carasent ASA was founded in 1997. In May 2018 the Swedish company Evimeria EMR
AB, a company providing cloud-based medical record services to the health care
industry, was acquired. In December 2020 Carasent ASA acquired the Norwegian
company Avans Soma AS, a developer of leading medical record systems and IT
solutions in the Norwegian health care market. Metodika AB, provider of Metodika
EPM, a highly competitive all in one solution for medium sized private clinics
and hospitals in Europe, was acquired in May 2021. Carasent's strategy is to
develop and expand digitalization that helps customers in providing efficient
and qualitative health care services in the Scandinavian market.
Medrave Software AB:
Medrave is a market leader in Scandinavia within quality improvement software
for healthcare practices within primary care and secondary outpatient care.
Their quality improvement solution automatically collects and sorts data,
analyze and visualize, tracks and benchmarks KPIs, and provides automatic
reporting to healthcare professionals. It was established by Per Stenström and
Svein Gjelstad in 2007. The company is situated in Stockholm with a satellite
office in Norway (Tønsberg) and has 16 employees.
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For further information, please contact:
Dennis Höjer, CEO Carasent ASA Phone: +46 733 28 49 22
Svein Martin Bjørnstad, CFO Carasent ASA Phone: +47 979 69 493
Johan Lindqvist, Chairman Carasent ASA Phone: +46 733 550935
