Wellbeing Software Group, a healthcare technology provider formed of three business units, including HSS, has been taken over by its management with the backing of Elysian Capital.
Wellbeing's management – chief executive Craig Smith, Chris Yeowart and Steve Avery – secured the buy-out with the backing of the private equity firm.
HSS, whose principal product is a radiology information system, is the biggest of Wellbeing’s three business units.
In the recent refresh of RIS and picture and archiving communication systems to the NHS in England, HSS won contracts to supply its RIS product to 59 trusts.
Wellbeing’s other two business units are EuroKing, which supplies hospital maternity systems, and Apollo, which provides a primary care data extraction service.
Elysian Capital is an independent, private equity firm that specialises in investing in the UK lower mid-market in deals of between £10m and £100m. It is investing alongside Wellbeing’s management team.
Smith said: “We are very pleased to have concluded this acquisition with Elysian Capital, who share our vision for the future growth and development of our suite of market leading businesses.
"Wellbeing and its software products provide a critical service to support the delivery of healthcare in the UK.
"We believe that, with the help of Elysian Capital, we can expand the range of products we offer and improve the services we provide to our customers.”
Smith added that it was very much a case of “business as usual” for Wellbeing customers.