Swansea based Medical Connections Limited has successfully completed a management buy-out.
The medical imaging software toolkit company was founded by the late Doctor David Harvey in 1998. As a consultant radiologist, he was passionate about the development of healthcare IT to deliver better patient care. The company is a well-established medical imaging toolkit provider and has been recognised as a global leader in facilitating the development of healthcare IT systems to promote interoperability.
Funded by the Development Bank of Wales, the management buy-out was led by Philippa Webb (Director of Operations) Qian Wang (Technical Director) and Rapten Bhutia (Development Director) as new owners.
Philippa Webb said: “As a team, we are very proud to have had the opportunity to have worked with Doctor David Harvey and developed such a successful business”.
“Securing the right funding package has enabled us to structure a buy-out deal that is right for all involved without the need to consider a sale to a global player. Importantly, we also have the benefit of the on-going support of the team at the Development Bank of Wales; their experience of helping management teams and commitment in really getting to understand our business has been hugely reassuring throughout and we are very grateful for their on-going help and advice as we focus on taking the business forward.”
Alun Thomas, Regional Manager for the Development Bank of Wales said: “Medical Connections is at the cutting edge of medical data transfer and has a global reach from here in Swansea.
“As a well-established and respected provider of software for the healthcare sector, the team benefits from a loyal customer portfolio in excess of 200 and is absolutely focussed on continued success as a trusted expert and partner in this specialist field of healthcare IT. We wish them every success.”
Medical Connections Limited was supported by John Morse Solicitors and Carr, Jenkins & Hood Accountants along with Cosgrove Brown Financial Planning.
The funding came from the Wales Business Fund which is part-funded by the ERDF through the Welsh Government. It was created specifically to support businesses with fewer than 250 employees based in Wales and those willing to move to Wales.