Banyan Software acquires Medtech, expands in Australasia

Banyan Software has acquired the healthcare technology company Medtech Global, strengthening its presence in the Australian and New Zealand markets.

Medtech Global, previously owned by Advent Partners and Geoffrey Sayer, is known for providing health technology solutions including the Medtech Evolution and Medtech Artia Practice Management Systems, Medeor payment solutions, and the Medtech ALEX ecosystem.

The acquisition includes 100% of Medtech Global's shares, and under the new ownership, Geoffrey Sayer will continue as CEO along with the established senior leadership team. Sayer, who played a pivotal role in leading Medtech's innovation programmes, will retain his position and further expand the company's operations in Australia.

Commenting on the acquisition, David Berkal, CEO of Banyan Software, stated, "Geoff and the leadership team at Medtech have done a tremendous job over the past 5 years and we are thrilled to support such a strong team in helping the company reach even greater heights. We are committed to providing the best permanent home and partner for successful these software companies, their employees and customers. Once we invest in a business, we continue to grow the business for life, never selling it again. Every company that joins the Banyan family, including MedTech, is an industry leader with a strong foundation of innovation. Medtech will have support from a global community of software businesses, ensuring it has the resources needed to fuel its continued success."

Rob Hooke, Partner at Advent Partners, expressed support for the transaction by saying, "Advent purchased Medtech in 2020 because we recognised it as an innovative and market leading New Zealand software company with potential to expand its service offerings in both New Zealand and Australia. We supported Medtech's enhancements to its PMS and new product introductions, including innovative cloud-based services with enhanced data privacy protection, security and back up services."

Hooke added, "We are proud to have been part of Medtech's growth and delighted to be handing it on to a company that can further assist it in achieving its potential in providing services to medical practices in global markets. We look forward to seeing Medtech's next phase of growth."

In his remarks on partnering with Banyan, Sayer noted, "Partnering with Banyan represents a dramatic advance for both Medtech and medical practice management in New Zealand and Australia. Our mission has always been to strengthen the delivery of primary care and general practice through innovative health technology. With Banyan we now have the relationships, resources and long-term commitment that ensure we can continue to invest in developing Medtech software. That's good news for practices, their patients and the overall healthcare system."

He continued, "Banyan has a proven track record of long-term partnerships with the software companies it invests in. By retaining their culture and autonomy, these businesses continue to grow and serve their customers effectively. This philosophy aligns with Medtech's mission to support medical practices in operating at their best today while preparing for the future."

Founded in 1989, Medtech was a pioneer in developing New Zealand's first Practice Management System in collaboration with medical practitioners. The acquisition by Banyan aims to leverage the company's innovations and expand their healthcare solutions further into the Australian market while supporting their existing base.

Advised by a consortium including KPMG and Cornwalls for Banyan, and Allier Capital along with others for Medtech, the acquisition signifies a strategic move by Banyan to increase its portfolio of specialised software companies in the region.