Ideagen completes acquisition of US-based Medforce Technologies Inc

Member News | 06.04.2018

Ideagen completes acquisition of US-based Medforce Technologies Inc

Ideagen, the UK-based technology firm, has announced the acquisition of American healthcare software specialists, Medforce Technologies Inc, for $8.7m.

Medforce is a growing, profitable and cash generative organisation which has successfully developed its Command suite of enterprise information management, workflow and compliance software since 1993.

Its flagship CommandCenter product is used by over 300 customers including CVS Caremark, McKesson, Lincare Holdings Inc, Rotech Healthcare Inc and Mayo Clinic, supporting business process productivity and legal compliance.

With offices near New York and Kansas, Medforce becomes Ideagen’s first American acquisition and adds a strong client base, an established suite of intellectual property and a skilled workforce to Ideagen’s growing global operations.

David Hornsby, Ideagen’s CEO, said the acquisition met Ideagen’s strict performance metrics and would provide the company with further growth opportunities in a strategic market.

He added: “Medforce is a valuable addition to the Group and is in line with our strategy of acquiring businesses that have strong IP and recurring revenues.

“Medforce has established an extremely compelling value proposition and brings to the Group a complementary solution offering a talented workforce and long-term customer relationships. This acquisition further strengthens our position in the US Healthcare market.”

Medforce established itself as an innovative software provider through its comprehensive Command product suite, which includes business process and information management software as well as an electronic signature product designed specifically for healthcare.

For the year ending 31st December, 2017, the company achieved revenue totalling $4.7m of which 82% was recurring.

Mr Hornsby added: “The acquisition of Medforce provides an additional source of recurring revenue and broadens our relationships in the existing healthcare sector while enhancing our geographic customer footprint.

“The first half of the current financial year saw significant growth in the US for Ideagen, with over 50% of all new logo wins and 70% of all new SaaS wins. The Medforce acquisition will provide infrastructure and a platform for further growth in this key market as we continue our global growth plan.”

Medforce is Ideagen’s 13th acquisition in just over a decade and means the company now has major operational presence in the US, UK, Asia and Central Europe.

In recent years, Ideagen has integrated Gael Ltd, IPI Solutions Ltd, Covalent Software Ltd and PleaseTech Ltd as part of its successful ‘buy-and-build’ growth strategy.

Related Articles

Member News | 11.05.2016

Hitachi Insight Group Formed to Accelerate Hitachi’s Global Internet of Things Business

READ MORE
Industry News | 15.04.2016

Philip Petersen: First Impressions of Scotland’s Tech Ecosystem

READ MORE

Scotland's trade body for the digital technologies industry

Join Us
  • IS Ambitious...

    Driving engagement across different sectors enabling Scotland, the industry and your business to grow.

  • IS Progressive...

    Securing the talent of the future for the digital technologies industry is a priority for ScotlandIS.

  • IS Informed

    ScotlandIS has influence and connections within the industry in Scotland, the Scottish Government and the public sector. The positive work we do has implications for every business in the sector.

  • IS Knowledgeable

    Market intelligence, insight and connections to develop business opportunities and skills within your business.