DATIX, a leader in the development of risk management and patient safety software for the healthcare sector, has undergone a management buy-out backed by the mid-market private equity firm Bowmark Capital.
Clearwater Corporate Finance advised Bowmark on the deal. Founded in 1986, London-based DATIX is the market leader in the UK, with its software installed in more than 70 per cent of National Health Service hospitals. Its products are also used by major healthcare providers worldwide.
DATIX’s annual turnover has grown by more than 20 per cent per annum over the past three years. Joint managing directors Jonathan Hazan and Daniel Hazan led the buy-out. Founder Brian Capstick will remain an investor in the company and will become a non-executive director.
Jonathan Hazan says: “With Bowmark’s support, we will continue to develop our position as a leader in the global marketplace, at the same time as enhancing our existing products and adapting our software for use as a risk management tool in other sectors.”
The Clearwater team was led by Marc Gillespie and included Ben Wilson, Belinda McCoy and Pete Templeton. Gillespie says: “Risk management systems are an important tool by which healthcare institutions can monitor quality of care, control costs and minimise damage to their reputation. They can also help hospitals to meet regulatory requirements. Worldwide concern about patient safety means there is a growing market for DATIX’s products.”
Bowmark partner Duncan Calam explains: “DATIX has spent 20 years developing and refining its software based on a deep understanding of its clients’ needs. Its enviable reputation for quality, reliability and functionality will underpin the management’s strategy to develop the business further in the UK and internationally.”
The Royal Bank of Scotland provided acquisition debt funding for the transaction.