Elysian Capital sells Wellbeing Software Group Holdings Limited.

Wellbeing Software


Elysian Capital sells Wellbeing Software Group Holdings Limited.


Elysian Capital announces the sale of Wellbeing Software Group Holdings Limited (Wellbeing) to The Citadel Group Limited (Citadel), a leading software and technology company listed on the Australian Stock Exchange, for a purchase price of £103m. Elysian Capital realises a 4.5x return on its investment in Wellbeing to follow the 4.3x return from Pebble Group at its flotation in December 2019.

Wellbeing is the UK market leading provider of radiology and maternity software solutions that manage patient workflow and data. Its software provides end to end digitisation to build a consolidated view of patient information for healthcare providers. Wellbeing’s products are used extensively in the healthcare system throughout the UK, with solutions being utilised in 81% of NHS Trusts.

Citadel’s acquisition of Wellbeing transforms the business into an international healthcare software company with multiple growth opportunities. Citadel has been focused on growing in the healthcare software sector in the UK over the past two years, and the acquisition of Wellbeing provides an immediate highly respected and complementary presence in the UK.

Citadel CEO and Managing Director Mark McConnell said:

“The Wellbeing acquisition is highly aligned with Citadel’s strategic focus on further expanding into high quality software-based recurring revenue streams.  It is also very complementary to Citadel given our existing product suite.  While the acquisition is EPS accretive on the basis of a small amount of cost synergies, we see substantial opportunities to generate revenue synergies from cross-selling across both businesses.  We are excited to welcome Wellbeing’s team into Citadel.”  

Wellbeing Software CEO Graham Ridgway commented:

“It has long been our goal to be able to bring fully integrated clinical disciplines to our UK customers as well as to take our products outside of the UK.  Elysian have been a very supportive partner for this strategy which can now accelerate as part of The Citadel Group. There is very little overlap but much synergy and complementary opportunity. We are excited at the prospect of being able to further invest in and develop our core software products while also offering customers proven solutions in other critical healthcare disciplines, from a single specialist vendor.   As we have worked together, we have discovered that we have strongly aligned cultures, focused on making a real difference, to help our customers – healthcare organisations in the UK, Australia and increasingly around the world – to deliver better care to patients.”

Ken Terry, CEO of Elysian Capital, said:

“We are delighted that Wellbeing is joining The Citadel Group. Since our investment in Wellbeing in January 2014, we have supported the management team in developing its product service offering and these can now be taken to a wider market. Being part of a larger healthcare group will be good for customers and employees and we wish Graham and his team well for the future.”

The sale of Wellbeing represents the sixth exit from Elysian Capital I LP and realises a 4.5x return for the fund.


For further information, please contact:

Ken Terry, CEO, Elysian Capital LLP                   ken@elysiancapital.com

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