Dublin-based Clanwilliam acquires fourth Australasian business
Konnect Net in Auckland manages insurance medical requests
Clanwilliam has combined revenues approaching $100 million with operations in eight countries
Clanwilliam Group, the fast-growing Dublin-headquartered healthcare, technology and services group with a €100 million “war chest” to spend on acquisitions, has added Auckland-based Konnect Net to its portfolio.
Konnect Net is used by major health insurers in New Zealand to manage insurance medical requests through its SureMed system.
The transaction is the fourth Australasian investment by Clanwilliam in the last 14 months, following deals for Medical Business Systems (MBS), Toniq and HealthLink. Financial details of the transaction have not been disclosed.
Clanwilliam is headed by Howard Beggs, the founder of Helix Health, which was acquired by Eli Global for a reported €45 million in late 2014.
The company said last year it plans to spend €100 million on acquisitions and investments in healthcare tech and is primarily focused on firms generating in excess of €1 million and with a maximum transaction value of €40 million.
“As a global operator in healthcare, technology and services, Clanwilliam is pursuing a wider connected health strategy and Konnect Net is an ideal strategic fit for the group,” Mr Beggs told The Irish Times.
Clanwilliam has a global focus, although Australasia is one of the markets on which it is concentrating. The UK is another, with Clanwilliam having spent more than €10 million on tech firms serving the NHS in just over a year.
Overall, the group has acquired and integrated 14 businesses in Europe and Australasia since 2014 with further deals on the cards.
Clanwilliam has combined revenues approaching $100 million with operations in eight countries. Mr Beggs said the company expects to employ close to 1,000 staff by the end of 2018 with planned acquisitions in both the UK and Australia expected to complete in the second half of the year.