Management buyout at medical imaging company
The management at a Swansea company which provides toolkits for medical imaging software has completed a buyout.
Medical Connections has been bought by Philippa Webb, director of operations; Qian Wang, technical director; and Rapten Bhutia, development director, in a deal backed by the Development Bank of Wales.
Webb said: “As a team, we are very proud to have had the opportunity to have worked with Doctor David Harvey and developed such a successful business.
“Securing the right funding package has enabled us to structure a buy-out deal that is right for all involved without the need to consider a sale to a global player.
“Importantly, we also have the benefit of the on-going support of the team at the Development Bank of Wales; their experience of helping management teams and commitment in really getting to understand our business has been hugely reassuring throughout and we are very grateful for their on-going help and advice as we focus on taking the business forward.”
Alun Thomas, regional manager for the Development Bank of Wales, added: “Medical Connections is at the cutting edge of medical data transfer and has a global reach from here in Swansea.
“As a well-established and respected provider of software for the healthcare sector, the team benefits from a loyal customer portfolio in excess of 200 and is absolutely focussed on continued success as a trusted expert and partner in this specialist field of healthcare IT. We wish them every success.”
Medical Connections was supported by John Morse Solicitors and Carr, Jenkins & Hood Accountants along with Cosgrove Brown Financial Planning.