Livingstone Has Advised Extens on the Acquisition of Medicore

Livingstone is pleased to announce that the firm’s Benelux team has advised Extens on the financing and acquisition of Medicore B.V. (“Medicore” or “the company”). Livingstone acted as exclusive debt and buy-side advisor to Extens.

Extens has acquired Medicore’s shares from Tenzinger, alongside ING Corporate Investments and Medicore’s founders. As a French strategic investor specializing in healthcare software and data, Extens will take a majority stake in this partnership. The financing package has been facilitated by Oldenburgische Landesbank (OLB), who will, among others, help facilitate Extens and ING CI in realizing Medicore’s full strategic potential in the coming years.

Medicore is a key player in the healthcare and technology sectors, dedicated to making healthcare more future-proof. The company is an innovative and fast-growing developer of unique, web-based and interoperable electronic patient and client records and data-driven applications for healthcare. Based in Utrecht, the Netherlands, Medicore currently serves more than 25,000 healthcare professionals, providing software solutions specifically designed to contribute to process improvement. Medicore’s software enables healthcare professionals to fully focus on providing care.

Extens is the dedicated European private equity investor in healthcare software. The team consists of 11 professionals from the private equity and healthcare industries. Leveraging its extensive knowledge of the healthcare software ecosystem, Extens aims to transform promising companies into industry leaders by enhancing their value-creation potential. To date, Extens has successfully invested in 24 other healthcare software companies.

Through this transaction, Medicore will continue to focus on decision support for users, extensive connectivity, and further delivery of client records from the public cloud. Starting this autumn, Medicore will deliver actionable insights (UPs) based on data from client records, thereby significantly reducing time for its users. Medicore will also work to migrate client user environments to Microsoft Azure by the end of this year. This will make Medicore the first Electronic Health Record (EHR) system in the Netherlands to allow its clients to benefit from the advantages of the public cloud.

In light of the new investors, Siep Kosse, CEO of Medicore, stated: “With Extens and ING CI, we are bringing in a solid party that knows the importance of the Dutch healthcare sector through and through. Extens has strong roots in healthcare with expertise in connectivity, data access and decision support. The path taken by Medicore of interoperability and the use of UP as decision support for users can be strengthened with this expertise. We will continue our partnerships with the Tenzinger operating companies and are pleased that our founders will continue to provide us with their advice in this regard and look forward to working with our new shareholders. Medicore employees, the management team and myself are very happy with this impetus.”

“Livingstone was instrumental in the success of this deal. They provided thorough support in terms of both financing and negotiations. Their strong local network was key in every phase of the process and we look forward to working further with them”, said Quentin Jacomet, Managing Partner at Extens.

Morgane Decultieux, Investment Director at Extens said: “Extens focuses on transforming promising healthtech companies and Medicore’s strategy is very appealing to us. We are seeing increasing pressure on healthcare all over Europe. Medicore, with its decision support ECD, is able to add enormous value for its users and contribute to improve the quality of care. Medicore has huge growth potential, we will do our best efforts and capitalize on our expertise to support them in their growth.” She also noted, “It was a pleasure working with Livingstone’s Benelux team on the Medicore transaction. Their contribution was instrumental to the success of this deal. They provided thorough support across both financing and negotiations with the sellers. Thanks to their strong local network, we were able to smoothly navigate through every phase of the process, and ultimately see a successful transaction come together. We have formed a valuable relationship with Livingstone and look forward to working together again in the future.”

Corstiaan Withagen, Head of Equity Investments at ING Corporate Investments, commented: “We like to support innovative companies which enhance efficiency in the care sector and improve the quality of care sector for both patients and care givers. We look forward to supporting Medicore in realizing its growth ambitions together with our partners Extens, the founders and management.”

Lexence acted as legal advisor, 8advisory executed financial due diligence, Atlas acted as fiscal advisor and Bond acted as lawyers on the bank financing.

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