Hutton Collins inks deal to invest €50M healthcare IT systems firm Dedalus Group
Preferred capital provider Hutton Collins has inked a deal to support Italy-based healthcare IT systems firm Dedalus Group with a €50 million investment. The investment will be given in the form of a subordinated loan as well as a minority equity interest. The co-investors of Hutton Collins have also given an investment of €15 million, the company said in a statement.
With headquarters in Florence, Italy, Dedalus Group is the biggest healthcare-focused IT business in the country. It posted revenues of about €70 million and a €17 million EBITDA. It operates in 12 countries around the world and because of the stronghold it has established in recent years, has brought together 30 companies in Italy and around the world in its Italian healthcare ICT hub, the statement said.
The terms of the agreement with Hutton Collins will cover the buying of stakes held by outgoing equity investors and the provision of financial support for the company's plan to grow internationally.
Led by businessman Giorgio Moretti, Dedalus has carved for itself an important role in the sector of healthcare software since 2006 through unique acquisitions. It also started to expand internationally in 2009 after it had consolidated its foothold in Italy. Now, Dedalus has operations in China, Romania, South Africa, Spain and Latin America. It aims to do business in Egypt and Saudi Arabia soon, the statement said.
Dedalus provides clients with services focused in four main areas. These are the clinical area, GPs, health and interoperatbility platforms. By the end of 2016, the company expects to generate 30% to 40% of its turnover from international markets, the statement said.
Dedalus Chief Executive Officer said in the statement, "Dedalus products have a concrete impact on the evolution of a country's healthcare systems and the lives of its people by improving and simplifying cooperation between local healthcare stakeholders (GPs, paediatricians, home care, etc) and clinical and healthcare activities in hospital, optimising resources and above all significantly improving the quality of care thanks to the constant, realtime exchange of information regarding patients."