Symphony Technology Group takes a stake in Graphnet
11th July 2014
Graphnet Health is pleased to announce that Symphony Technology Group (STG), a US private equity firm which specialises in software and IT companies, has taken a 40% stake in the shared care record supplier .
The STG investment is being used to provide a partial exit for Graphnet’s founders and also accelerate product development as Graphnet responds to the dramatic increase in activity in the shared care market.
Over the last year, Graphnet has won three major new shared care record projects, rewritten and deployed a new version of its CareCentric software and increased revenues by 30%. The company is the UK’s leading supplier of shared care record software for the NHS and the social care sector and a key player in EPR solutions for acute care.
STG was introduced to Graphnet by Shearwater Healthcare Investments, the healthcare IT accelerator founded by Markus Bolton and Dr Ian Denley, directors and shareholders in Graphnet. Denley and Bolton are also joint chief executives of System C, the supplier of health and social care software acquired by STG earlier this month.
In addition, Denley and Bolton today announced a new senior management team at Graphnet, appointed to take the company forward into its next phase of growth after a strong performance in 2014/14.
Brian Waters has been appointed chief executive. He was previously vice president at McKesson and held director positions at System C and CSC.
Andy Bratt will continue to be managing director, with overall responsibility for operations at the company.
They will be joined by Antony Smith, who has been appointed the company’s finance director. Antony was previously finance director at Dr Foster Intelligence.
Bolton and Denley are retaining their 46% stake in Graphnet and active involvement as director and chairman respectively.
Announcing the changes, Graphnet’s directors Dave Garnett and Tony Sharer revealed they would be moving to part-time roles. Dave and Tony founded the business 20 years ago with partner James Leeming.
“Graphnet’s performance over the last 12 months has put us in a really strong position and the changes we are announcing today put all the right building blocks in place in terms of people and capital for the next phase in the company’s development”, said Dave Garnett.
Tony Sharer added: “Dave and I have invested massive time and energy into this business and we are really pleased to be handing it over in such good condition. Graphnet has exciting times ahead and we are looking forward to supporting the business on a more advisory basis moving forward.”
Brian Waters has been working for Graphnet on a consultancy basis since the autumn and is therefore already up to speed with the company and its markets. “Things have moved at a remarkable pace in that time”, he said.
“National initiatives such as the Better Care Fund and the two Technology Funds have ensured that electronic patient and shared care records are now firmly established as a key tool in the delivery of patient-centric, joined-up care pathways.
“We are really looking forward to the challenges ahead.”