Cityzen (a subsidiary of Groupe UP) and Medisys are publishers of software for health and social care organizations. Supported by investors Activa Capital, Turenne Santé and Groupe Up, Cityzen and Medisys are merging to form a 450-employee group that will become the leader in the French market for digital transformation and software solutions that support social action, medico-social and personal services.
It will provide services for the entire ecosystem: structures, care providers, users, families, local territories and funders. The new group’s software allows for 360° management of an individual’s care pathway. It is used by more than 80 departments (counties) in France and by around 11,000 private companies and local public-sector organizations.
The majority shareholder of the new Group is Activa Capital, which is already a Medisys shareholder. This investment is the first by its new fund, Activa Capital Fund IV. Activa Capital is supported in this transaction by Turenne Santé and Groupe UP, as well as existing Medisys shareholders and the management team.
Founded in 1991 and based in Aix-en-Provence, Medisys is a leading provider of vertical software solutions dedicated to health and social care providers in France. The company offers home care providers and retirement homes with dedicated care management and planning, accounting and mobility management solutions. Sold as subscription (SaaS) or on-premise, Medisys solutions have been tailored to its market based on decades of experience in the space.
Up creates payment solutions and social and local services that enable companies and local authorities to improve the purchasing power and quality of life of employees and citizens. Up campaigns to promote access to healthier food, culture and leisure activities for all, as well as more responsible consumption. True to its cooperative model, Up contributes to a more sustainable society that places people at the heart of the economy. Established in nearly 30 countries, the group has 3,700 employees and in 2019 achieved a turnover of EUR 587 million.
Activa Capital is an independent private equity firm, owned by its partners, characterized by a proactive build-up strategy. It currently manages more than EUR 300 million on behalf of institutional investors by investing in French SMEs and ETIs with high growth potential and an enterprise value of between EUR 20 and EUR 100 million. Activa Capital helps them to accelerate their development and international presence.
Turenne Capital Group is a French major player in Private Equity, supporting entrepreneurs in their projects of innovation, growth and buy-out for 20 years. Turenne Capital is an independent firm owned by its management, with €1 billion in assets under management. Its teams, 55 employees of whom 38 are investors, are based in Paris, Lille, Lyon, Marseille and Metz and have supported 250 businesses. They have a specific team dedicated to the Healthcare sector.
Bryan, Garnier & Co acted as Sole Financial Advisor to Medisys and its shareholders in the context of the transaction.
Bryan, Garnier & Co assisted Medisys in identifying the strategic opportunity alongside CEO Guillaume Bouillot, providing sector expertise, valuation advice and market intelligence.
This transaction with Medisys comes two years after our initial assignment assisting Activa Capital and Turenne Santé as M&A advisors for their first investment in Medisys, and demonstrates Bryan, Garnier & Co’s long-term commitment to its clients.
This marks another landmark transaction for Bryan, Garnier & Co’s software team and demonstrates its expertise in the sector. Other recent transactions in the software space include the acquisition of DL Software by TA Associates, the sale of EasyVista to Eurazeo and the investment of Hg Capital in smartTrade. Other notable transactions in the healthcare software segment include the acquisition of Maincare Solutions by Montagu Private Equity, the investment in CBA by Five Arrows, the sale of Regas to Bid Equity, the Sale of Mediane to Turenne Santé, the sale of Olaqin from Ingenico Worldline to Andera Partners and the Voluntis IPO.