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Symphony Technology Group snaps up McKesson divestments

Private equity firm Symphony Technology Group (STG) has agreed to acquire several of McKesson’s European healthcare technology operations.

STG has picked up McKesson’s UK health & social care business, which includes System C Healthcare and Liquidlogic, and is worth £100 million.  The firm will also buy McKesson’s software divisions in France and the Netherlands.

The acquired operations will be run as independent companies.

US healthcare firm McKesson announced its intention to exit its international companies in May 2013.  This came as it announced that its adjusted operating profit for the technology solutions division fell by 16% to $371 million (£238.7 million).

System C Healthcare provides electronic record services, while Liquidlogic offers social care software systems.

Marshall Haines, managing director of STG, said: “We are excited about supporting the McKesson businesses through the next stage of their growth. The companies’ products are held in high regard by users and have the advantage of being ‘home grown’ solutions that are designed for the specific needs of their respective local customers. We intend to build on the existing customer-centric culture of each of the businesses and invest in further development of the product portfolio.”

The deal will close later this month.

STG specialises in investing in technology and services companies around the world. Its current healthcare portfolio includes Symphony Health Solutions, which supplies data, analytics and software tools for healthcare and life sciences companies, and Evidera, an international health research and consulting company.

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Posted on: 02/06/2014

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