FirstCapital advised CareWorks, a provider of cloud-based case management software for health and social care organisations, based in Dublin, on its recent acquisition by Advanced, the third largest provider of business software and services in the UK. This deal will extend Advanced’s capabilities to deliver integrated health and care solutions and ensure the support of the NHS Long Term Plan goals by both companies.
Careworks was a founder-owned provider of software for case management of integrated health and care solutions for government and public application. The company is a rapidly growing business with 60 employees operating in the UK, Ireland and USA, and the solution is used by over 50,000 professionals in the field benefiting more than three million people.
Having established a strong position in these markets, and holding a substantial market share from legacy incumbents, the founders of CareWorks were ready for a deal. They approached FirstCapital to help them secure the optimal outcome for the business and its shareholders. FirstCapital worked closely with the CareWorks team, developing robust financial forecasts, identifying suitable strategic buyers, and supporting them through a rigorous due diligence process.
Their expertise and detailed smart-dealmaking approach helped CareWorks create a strong position and secure a number of competing bids, delivering a successful deal with a well-respected buyer, and ensuring the founders’ aspirations for their company to continue to grow and develop were met. Advanced is a serial acquirer with presence in the US, UK and Ireland, and is backed by Vista Equity Partners, a prominent US private equity fund, and BC Partners, one of the leading private equity funds in Europe.
This partnership will contribute to the transformation of the health and care system. CareWorks’s relationships with government and public sector organisations and innovative interoperable software solution, together with the greater resources of Advanced will catalyse the combined entity’s capabilities to deliver an end-to-end, integrated care platform.
“It has been a real pleasure working with Michael and Pat, and this deal with Advanced is a win-win for all parties. It delivers a good outcome for shareholders, as well accelerating the rollout of its integrated health and care software as a part of the Advanced family, making a real difference to people’s lives.” – Hazel Moore, FirstCapital
Michael Dolan, CEO of CareWorks, says, “We wanted to see CareWorks in a context where it could continue to thrive. FirstCapital were instrumental is making this happen, going the extra mile to ensure our company was prepared for the deal and building a foundation for us to succeed. This was an incredible opportunity to make a difference to people’s lives which FirstCapital helped make a reality.”