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IFM sells majority stake in Genie Solutions
Global law firm Herbert Smith Freehills has advised IFM Investors’ private equity arm on the sale of its majority stake in Genie Solutions to The Citadel Group.
Emma Musgrave
Firm: Herbert Smith Freehills (IFM Investors); Clayton Utz (Pacific Equity Partners).
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Deal: IFM Investors private equity arm has been advised on the sale of its majority-owned medical practice management software business, Genie Solutions, to Pacific Equity Partners-owned software and services company, The Citadel Group.
Value: Undisclosed.
Area: M&A.
Key players: The Herbert Smith Freehills team was led by partner Nicole Pedler and comprised corporate partner Adam Charles and solicitors Hudson Archer, Henry Simpson, Raul Vellani, and Tatsuaki Tomiyama; IT partner Kwok Tang and solicitor Raymond Sun; Healthcare sector lead and partner Natalie Bryce and solicitor Lauren Woo; Head office advisory partner Timothy Stutt; IP special counsel Amalia Stone; Insurance special counsel Guy Narburgh and employment partner Michael Gonski, senior associates Rommo Pandit and Lisa Soo, and solicitor Nikhil Mishra.
Deal significance: Genie Solutions is a HealthTech SaaS business founded in 1995.
Since then, it has grown to be a market leader in the Australian medical specialist practice management solutions market, delivering end-to-end practice management solutions across patient engagement and management, practice administration, patient billing, and clinical workflows.
IFM, who acquired its majority take in Genie Solutions in 2017, pursued an exit from its investment in Genie Solutions by IPO and also received interest from trade buyers, which culminated in the sale to The Citadel Group, according to a statement from HSF.
“We are proud to have acted for IFM on the first major divestment of its new private equity team,” said HSF’s Nicole Pedler.
“We are also delighted to be a part of this important next step in the development of Genie Solutions and are excited about the opportunities that lie ahead for Genie Solutions to further develop its automated patient journey and connected ecosystem.”
Commenting further, HSF’s Adam Charles said: “The agility displayed by the IFM and Genie Solutions teams in pivoting from an IPO to a trade sale enabled a great result for all investors in Genie Solutions to be realised. We are delighted to have supported the IFM and Genie Solutions teams.”
