RSM UK advises on sale of healthcare track and trace software business

28 February 2023

The South West corporate finance team at the leading audit, tax and consulting firm RSM UK has advised on the sale of healthcare software business Fingerprint Global Ltd (“FPG”) to Halcyon (Bidco) Ltd (“Halcyon Group”), an investment platform set up by private equity investment company, Aliter Capital LLP.

South Gloucestershire based FPG’s track and trace software enables the safe delivery and use of equipment by healthcare professionals performing front line medical procedures. Its solutions track the whole surgical instrument and endoscope life cycle in single hospitals, multi-site reprocessing units, local clinics and dentists to ensure regulatory tracking compliance and enhanced patient safety.

It provides an audit chain of accountability within healthcare organisations and helps customers meet the complex compliance requirements for medical procedures. FPG’s track and trace system is used across approximately 200 NHS Trusts in the UK and as national supplier in Ireland, across all the HSE public hospitals. In addition to public hospitals, FPG’s systems are used in a large percentage of private hospitals in the UK and Ireland.

This represents Aliter’s second investment within its ‘Halcyon’ strategy which is focused on creating a market leading UK-based integrated healthcare-focused software and data analytics group. FingerPrint joins existing Aliter portfolio company Net Solving within its Halcyon strategy. Net Solving is a digital health data analytics platform providing web-based data collection systems for clinical audits, disease and patient registries and quality improvement programmes.

The majority of the six shareholders at FPG will remain in the business as part of the FPG division and wider group, in order to drive the business through its next phases of growth.

The RSM team advising the vendors was led by corporate finance partner Clodagh Tunney with support from Rhys Jennings (associate director) and Ryan Keen (associate).

Ashfords LLP provided legal advice to the vendors led by corporate partner and Bristol location head Jocelyn Ormond, with support from corporate associate Barney Sykes and a wider team of lawyers with various specialisms.

Tarquin Miller, managing director at FPG said: ‘FingerPrint has great growth potential and having built a strong relationship with Aliter and Halcyon, we are confident we can achieve this faster and more efficiently with their support. The team and I are very excited to be joining Halcyon and believe that being a part of a wider group will create further opportunities for our business and customers.’

Clodagh Tunney, corporate finance partner at RSM in Bristol, said: ‘Halcyon recognised the great potential of FPG and the growing demand for its specialist software. Its acquisition of the business will enable FPG to scale up, improve efficiencies and service levels in the NHS and private healthcare sector. This deal is a great example of the skills and entrepreneurship in the medical tech sector driving innovation, and their attractiveness to buyers who want to invest and help them grow.’

Jocelyn Ormond, corporate partner at UK law firm Ashfords, said: ‘We are delighted to have been able to support the shareholders of FPG and work closely with RSM on the sale of this international digital health group, an innovative business in a space of particular focus for us and growing interest for many investors.’