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Grant Thornton UK’s Corporate Finance team has advised on the sale of fast-growing cloud-based health sector-focused software company, Medical Management Systems Ltd to international buyer Cority Software Inc.
Founded in 2004, the company, which trades as Meddbase, was the first cloud-native clinical software solution designed for healthcare providers in the UK. It has since expanded its offerings to include occupational health, electronic health records, and private healthcare management solutions, serving clients across North America, Europe, and Australia.
Based in Southampton and London, the company has attracted significant interest from investors previously, having received $4m (£3.2m) in 2019 from Compiler VC (CVC) and a subsequent £2.25m of funding from BOOST&CO (now GrowthLending).
The shareholders of the company, having built the business since inception, were looking to realise the value of the investment whilst allowing the management team to continue to benefit from the established position of Meddbase in the market.
The Grant Thornton Corporate Finance team was appointed to run the transaction process and worked closely with the shareholders to understand the business, the market opportunity and their individual ambitions for the transaction.
Canada-based Cority is a provider of software that is used by companies for tracking their progress towards environmental, social, and governance (ESG) efforts. Its software is also used to monitor employees’ health, managing potential risk factors, and regulatory compliance. Cority has over 1,500 customers in 120 countries across industries such as healthcare, aerospace and defense, manufacturing, and energy and utilities.
Cority itself has previously received investment from Thoma Bravo, an American private equity and growth capital firm based in Chicago. Thoma Bravo is well known for being one of the most active acquires in the enterprise software space and has over $130bn (£104bn) in assets under management.
As part of the acquisition, Meddbase’s solutions will become part of Cority’s Health Cloud, a comprehensive suite of healthcare management solutions including industry-leading offerings for occupational health and industrial hygiene.
Ryan Magee, CEO of Cority Software, said: “Meddbase has a track record of delivering exceptional value to healthcare providers through its secure and adaptable clinical solutions. This acquisition aligns with Cority’s mission to empower organizations to care for their people, reduce risks, and improve operational performance. Together, we will set a new standard of excellence in occupational medicine and workforce wellbeing with a comprehensive and scalable software suite.”
Grant Thornton completed over 250 transactions in 2024 with a combined value of over £15bn.
The transaction was led by the Thames Valley Corporate Finance team with support from their national sector specialists. The deal team included Will Rose, Ross Muil and Peter Jennings.
