Prism Advise on Sale of Health Screening Software Developers
We are pleased to announce that the Prism team have advised on the sale of health screening workflow software developers, Thomson Screening Solutions Ltd, to healthcare platform CCube Solutions which is backed by software-focused investors, Tern Capital.
Thomson Screening Solutions Ltd (TSS) is the largest and market-leading provider of workflow software that enables non-clinicians to efficiently deliver gold standard vision and hearing screening in schools and workplaces. TSS’s solutions also support other factors affecting health and education outcomes, including health needs, risk assessments, electronic consent, height and weight and mass immunisation management. Their applications automate all the associated administration, data management and reporting for the screening process. TSS was founded in 2013 by City, University of London to further develop and implement the research of Professor David Thomson, Head of the Department of Optometry. Today, TSS’s applications address healthcare, education and workplace needs throughout the UK and around the world. A total of over 2 million children have been screened using their Vision Screener for Schools software, enabling those with identified difficulties to be referred for further assessment.
Tern Capital (Tern) are ‘hands on’ operational investors focussed on software businesses across a range of verticals including healthcare, retail, media & entertainment, financial services and communications. TSS will be combined with the healthcare platform provided by their existing portfolio company, CCube Solutions (CCube). CCube is a leader in cloud-based Electronic Document Management Systems for the NHS and wider UK public sector. This strategic acquisition enhances its portfolio of healthcare products and services, further solidifying its position as a leading provider of SaaS solutions in the HealthTech industry.
Prism Corporate Broking (Prism) have been helping people to buy and sell businesses for 20 years and are experts in the tech and IT sectors. The Prism team supported TSS’s owners throughout the whole of the sale process, from pre-sale preparation and identifying potential acquirers, through negotiations to the successful deal completion.
Prof. David Thomson, Director of TSS, said “I can’t believe that it has been nearly 25 years since myself and colleagues at City University developed the first version of the Vision Screener for Schools, and that we’ve now screened over 2 million children. Prism helped us immensely during the process of selling TSS and we could not have done it without them. They have found the perfect new home for our business. We are confident that CCube and Tern, with their dynamic teams, will maintain the system at the cutting edge of public health surveillance while offering users the highest standard of customer support.”
Karthik Dasari, Managing Director of Tern, said “TSS’s market-leading services and software have already delivered significant benefits to their customers. At Tern, we work very closely with businesses, providing them with investment and a structured value-creation plan covering sales effectiveness, operational excellence, talent growth and finance disciplines. We’re excited to support the combined TSS and CCube business on its growth journey.”
Robert Fiske, Director of Corporate Finance at Prism, said “TSS is a great business, supporting the health of children thereby delivering tangible benefits to their educational outcomes. I’m delighted to have been able to help David and his fellow shareholders to achieve their goal of finding the right buyer to continue their legacy.”
Sell-side legal advice was provided to TSS by Fieldfisher LLP.
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