Irish healthcare administration and technology specialist Medserv has announced that private equity firm, MML Ireland is to take a minority stake in the business.
The investment is expected to support Medserv's technology in healthcare innovation and its service offering, as well as help futher growth across Ireland, the UK and selected international markets.
Medserv generates over €21 million in annual revenue and employs more than 400 employees across Ireland, the UK and Poland.
The Dublin headquartered company was founded in 2005 by Cormac Loughrey.
It provides administrative and technology services that help doctors, hospitals and healthcare facilities reduce administrative complexity.
Under the new investment partnership, Medserv's existing management team, led by Mr Loughrey, will remain in place and continue to lead the business in its next phase of growth, with increased investment in technology, automation and new services for healthcare professionals.
Financial terms of the transaction have not been disclosed.
Cormac Loughrey, Founder and CEO of Medserv, said the company focus is to reduce administrative burden for healthcare providers so they can concentrate on treating patients.
"With MML’s support, we will increase investment in our technology platform, expand our range of services and continue to improve the experience for both providers and their patients," he said. "We see significant opportunity to build on our strong position in Ireland and the UK while continuing to innovate for the healthcare sector."
MML Growth Capital Partners Ireland Limited is a growth fund which it says is dedicated to backing ambitious managers of small and medium-sized private businesses with a significant presence on the Island of Ireland.
Commenting on the new parternship, Neil McGowan, Managing Partner and Co-Head of Investments at MML Ireland said Medserv has established a strong reputation and a leading position supporting healthcare providers and facilities.
"We are delighted to partner with Cormac and the team as they continue to invest in innovation, enhance their technology capabilities and grow the business in the years ahead."
Medserv received corporate finance advice from Clearwater Ireland, legal advice from Fieldfisher Ireland LLP and financial and tax due diligence advice from Grant Thornton Ireland.
MML Capital Ireland received legal advice from McCann FitzGerald LLP, financial and tax due diligence advice from PwC Ireland, technical due diligence advice from Equator and commercial due diligence advice from Strategy & Ireland.
Completion of the transaction is subject to regulatory approval.
