Telemedicine Clinic changes ownership to expand in Europe

Thursday May 30th, 2013

Telemedicine Clinic has simplified its ownership and added strong financial backers to be able to expand in more European countries.

Telemedicine Clinic is the leading European provider of medical diagnostic services within radiology and pathology by using telemedicine solutions. The company was founded over 10 years ago by three Swedish entrepreneurs that had the vision to provide easy access to subspecialised diagnostic competence to all hospitals by using telemedicine solutions.

Today more than half of the hospitals in Sweden, including 4 university hospitals, and a large number of hospitals in Denmark, Norway and the UK are collaborating with Telemedicine Clinic on a daily basis. The reporting services provided by Telemedicine Clinic help the hospitals keeping the waiting times as low as possible and increasing the diagnostic quality. With the on-call reporting service from Telemedicine Clinic in Sydney, and soon Hawaii, they also avoid having tired radiologists working in Sweden in the middle of the night. The on-call service is right now the fastest growing business area.

In this recently closed transaction, whereby all the investors that entered between 2002 and 2005 have transferred their stake to a new investor that will drive the coming expansion of this pioneering Telemedicine company. Buyer is Salina International Ltd. an investment holding of a Family Office of a German industrial family.

The largest of the now exiting investors, Active Venture Partners, has supported the development of what today is a strong organization with more than 100 radiologists and pathologists using unparalleled proprietary IT solutions developed in house. Ricard Söderberg, the founding partner of Active Venture Partners that has been on the board for 8 years, comments: “We decided to invest in Telemedicine Clinic when it was a pioneer in its field. The company has until this day kept on being in the forefront of quality assurance and in innovation. This is a very complex service to offer on a European wide basis and with large volumes, something that only Telemedicine Clinic has mastered so far in Europe. This company will be the key player in its niche going forward.”

Henrik Agrell, co-founder of Telemedicine Clinic, comments: “The new investor is a family-owned investment boutique with entrepreneurial approach. They have, just like our early financial partners, a long-term perspective. They are very enthusiastic about this business and have a strong commitment to actively support TMC’s management in the strategic steering of the company, as well as to keep investing in the further development of the organization towards new markets, new products and new technologies in order to guarantee that hospitals around the globe can be provided with state of the art medical services.”

About Telemedicine Clinic

Telemedicine Clinic is the largest provider in Europe of medical diagnostic services within radiology and pathology by using telemedicine solutions. More than 65 hospitals in Scandinavia and the UK are using diagnostic services by Telemedicine Clinic on a daily basis. The company has a strong medical organisation and proprietary technology to secure high quality medical services.

Telemedicine Clinic has centres in Reading, Gothenburg, Barcelona and Sydney. In October 2013, the new on-call reporting centre in Honolulu, Hawaii opens.

About ACTIVE Venture Partners

ACTIVE is an international venture capital company in Spain and is regulated by the CNMV, the Spanish financial regulator. ACTIVE manages two funds with total commitments of 75 million euros. Its investment focus is geared towards European technology companies that are either in their early stage or expansion phase. In addition, ACTIVE supports its portfolio companies by providing strategic and operational advice as well as access to its international contact network.

As former entrepreneurs, the founding partners have also created the Venturepreneurs’ Organisation, which aims to promote the relationship between successful serial entrepreneurs who continuously invest in early stage companies.

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