An $81 billion international investment manager took the majority stake in a large Australian provider of specialist medical software.
IFM Investors, via its private equity business, acquired Genie Solutions, a software business established in 1995 with about 50% penetration across Australian specialist medical practices (representing around 3500 businesses). Founders Paul, John and Justin Carr will maintain a minority stake and continue to provide operational support.
Paul Carr said he was "delighted that IFM Investors has chosen to invest alongside us. As experienced growth investors, we believe IFM can provide the guidance and execution support to enable Genie Solutions to become an even better product and service provider to Australian medical practices."
IFM head of private equity Steven Lipchin added: "We are proud to bring into our portfolio an outstanding business that has delivered high quality technology products and services to specialist and general medical practices in Australia."
"We look forward to further enhancing Genie's value proposition to its customers, and providing strategic and capital support to the business to deliver on its next phase of growth," Lipchin said.
The news of the acquisition follows IFM's infrastructure business partnering with Samsung Asset Management to establish a $637 billion infrastructure debt fund.