IT group snaps up Mansfield firm for £103m

A Mansfield-based healthcare software provider has been acquired by an Australian IT firm for £103 million.

Citadel has snapped up Wellbeing Software Group to further its expansion into “high quality software based recurring revenue streams.”

The management team at Nottinghamshire-based Wellbeing, which provides radiology and maternity software solutions that manage patient workflow and data, will remain in place following the deal.

Citadel’s chief executive Mark McConnell said: “Citadel’s acquisition of Wellbeing transforms Citadel into a global healthcare software company with multiple growth opportunities. Citadel has been focused on growing in the healthcare software sector in the UK over the past two years.

“I am excited to welcome Wellbeing’s management team into Citadel and am looking forward to executing on the many growth opportunities we see for the combined businesses.”

The listed Australian firm, which is headquartered in Canberra, says the transaction will be finalised in April this year.

Wellbeing Software CEO Graham Ridgway said: “Our two companies each bring their own strengths to the table. There is very little overlap but much synergy and complementary opportunity. We are excited at the prospect of being able to further invest in and develop our core software products while also offering customers proven solutions in other critical healthcare disciplines, from a single specialist vendor. 

“As the teams have been working together over the last few weeks it has become clear that we have strong leadership and a clear, shared vision for delivering better healthcare outcomes through connected specialist healthcare software and first-class customer service.”

He added: “It has long been our goal to be able to bring fully integrated clinical disciplines to our UK customers as well as to take our products outside of the UK.  The match for this, as part of the Citadel Group, couldn’t be closer.  Also, as we have worked together, we have already built highly collaborative working relationships and discovered that we have strongly aligned cultures, focused on making a real difference, to help our customers – healthcare organisations in the UK, Australia and increasingly around the world – to deliver better care to patients.”