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Wylie’s Tanarra Capital Acquires Software Group Health Metrics

“We are actively looking to invest in space and are excited to invest in cutting edge technology,” Tanarra PE manager Maja Sliwinski said in a statement to Street Talk Thursday.

Sliwinski and his colleague David Wright completed the acquisition with advice from Herbert Smith Freehills and BDO. This is their fourth private equity investment under Tanarra’s current tenure. Others include dairy maker Barambah Organics and workforce management software group INX Software.

Lisa Papettas co-founded Health Metrics, which controls 25% of the Australian elderly care market. AFR

Health Metrics co-founder and CEO Steven Strange said the partnership would help the company accelerate its plans to develop a new set of software products and solutions for the health and social services industries.

“Our goal is to be the undisputed market leader in an industry that needs what we offer more than ever,” he said. Health Metrics has been advised by KHQ Lawyers, WHM Partners and PwC.

It comes as Australian private equity firms are taking a fresh look at Australia’s elderly care and home care sectors, in light of the recent royal commission and expected changes in the industry.

Tanarra believes Health Metrics is well positioned to take advantage of the boom in home care and is looking to sell its software to home care operators. Health Metrics’ core product is eCase, which captures a client’s health records so that they can then follow the client through their various modes of care.

Health Metrics CEO and co-founder Steven Strange is looking to make his company the “clear” market leader. AFR