Australian care software company Health Metrics has been acquired by leading US private equity firm Accel-KKR, in a deal that CEO Paul Brindle says will take the business’s growth “to a new level.”
Accel-KKR, which has over 25 years of experience investing in software companies, will acquire Health Metrics from majority shareholder Tanarra Capital, an Australia-based investment firm that has backed the business for the past four years. The deal is subject to approval from the Foreign Investment Review Board (FIRB), but no significant hurdles are expected. Completion is anticipated in the coming months.
Health Metrics, best known for its eCase software platform, supports over 170 aged care providers delivering care to more than 80,000 recipients. In the past six weeks alone, the business has signed five new aged care home clients, adding another 3,500 residents to its footprint.
CEO Paul Brindle, who joined Health Metrics shortly after Tanarra’s investment in 2021, said the company has experienced 30% compounding revenue growth, with current revenue over $10 million.
“We've delivered strong growth under Tanarra’s guidance, and I believe Accel-KKR will help take that to the next level,” Paul told The Weekly SOURCE.
“Our customers are asking us to keep innovating, scale our solutions, and integrate more seamlessly with other platforms to support sustainable and profitable growth.”
Paul said the partnership with Accel-KKR is a strategic match, citing the firm’s deep experience in scaling enterprise software businesses.
“We’ve found a new investor because of our position in the market, the impact we’re having, and the growth opportunity Accel-KKR sees in us.”
Health Metrics was advised on the transaction by global investment firm Lazard. While the purchase price has not been disclosed, the deal adds to Accel-KKR’s growing portfolio of Australian software companies. Recent acquisitions include workforce management software business Humanforce and data analytics software firm Phocas.
