Optometrist-focused business eyes future growth after swoop by German group
A German private equity-backed optical and audiology group has acquired Manchester-based Opticabase, for an undisclosed sum.
Opticabase was founded in 2005 by Michael Praise as an optometrist-designed and run practice management software specialist with a deep-rooted understanding of the needs of optometry practices. Today it serves around 500 practices across the UK and Ireland.
It has been acquired by Berlin-based EVEX Group, which is backed by FLEX Capital.
EVEX Group has more than 8,500 sites across 20 countries with four existing brands – Amparex, iPro, Optix and Euronet.
Acquiring Opticabase consolidates EVEX Group as the second-largest provider of software for opticians and audiologists in the UK following its market entry in 2023 with the acquisition of York-based Optix.
By joining EVEX, Opticabase secures a long term development roadmap for all its customers with a number of innovations in the pipeline.
Michael Prais, founder of Opticabase said: “We were impressed by the entrepreneurial culture of FLEX Capital and EVEX Group with their clear vision to disrupt the sector and shared expertise and values.
“EVEX are ideally placed to provide the scale and resources to continue building on our successful operating model for the benefit of all our clients.
“This partnership will enable us to offer greater scale, expand our capabilities and integrations, and build a market-leading product in the UK. We very much look forward to this next chapter together with EVEX Group.”
Dr Tom Kirschbaum, EVEX CEO, said: “Together, we will reach a significantly larger number of opticians who will benefit from our joint software solutions in the future.
“Our goal is to significantly advance the digitalisation of the industry and provide our customers with future-proof, high-performance solutions that support their practice processes in the long term.”
Bamburgh Capital advised the shareholders of Opticabase on corporate finance.
Gabriel Schwalbe, Director at Bamburgh Capital, said: “The growth of Opticabase is a wonderful entrepreneurial success story. As an optometrist himself, Michael spotted a gap in the market for an intuitive and practical practice management solution for independent businesses like his.
“Using his own IT skills, he devised a successful product that has been highly recommended and established in the market, moving to a subscription model and growing recurring revenues year on year.”
Opticabase was also advised by Pannone Corporate (legal) and RPG (financial and tax).
EVEX Group was advised by RWK Goodman (legal) and Mazars (financial and tax).
