The founders of Australian aged care software vendor Health Metrics have sold their majority share to a private equity partner in a bid to expand locally and overseas.
Diversified alternative asset management firm Tanarra Capital has acquired the majority share from Steven Strange and Lisa Papettas, who founded the software company in 2008.
Health Metrics’ core product eCase is a cloud-based software solution that provides end-to-end clinical and operational management for aged care, retirement living and disability care organisations.
Mr Strange said the decision to engage a private equity partner was not taken lightly.
“We had in excess of twenty interested parties. We chose Tanarra as a good cultural and vision fit,” Mr Strange told Australian Ageing Agenda.
He said Tanarra would enable Health Metrics to take the next logical steps in its growth journey locally and global expansionAsia, Europe and North America.
“With their skills, backing and resources, we will be able to execute on our global health and social care vision – a vision for an ecosystem of systems that sustains localised nuances,” Mr Strange said.
Health Metrics is Tanarra’s fourth private equity investment under its current mandate.
Maja Sliwinski, who was one of two people who led the Health Metrics deal, said Tanarra was excited about the investment.
“We are partnering with a management team that philosophically shares our vision of improving the quality and safety of residential and in-home aged care for senior citizens of Australia,” Ms Sliwinski said.
Mr Strange said and Ms Papettas maintain a “substantial” stake in Health Metrics but he would not disclose the exact share.
“Personally, I am committed to the next five years with Tanarra and remain a shareholder,” he said.