Ipswich: Medical IT company Burnbank acquired by Swedish-based Sectra Group in deal worth up to �8m
A FAMILY-owned IT business in Suffolk has been acquired by the Swedish-based Sectra Group in a deal valued at up to �8million.
Burnbank Systems, which is based in Ipswich, and sister companies Burnbank Healthsystems and Burnbank Dataconnect, will become part of the medical systems business of Sectra, which is listed on the Stockholm stock exchange.
Burnbank, established in 1988, is a major supplier of IT services to the UK healthcare sector, including a medical image exchange system currently used by nearly 300 hospitals.
It will continue to operate as a separate business unit under its existing brand, with founder and managing director Peter Young staying on together with all 25 employees. The sale involves an initial cash payment of �5m and an additional sum of up to �3m.
Burnbank’s owners, Peter and Emma Young, were advised on the sale by Nathan Muskett, senior associate at East Anglian law firm Birketts LLP.
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“The acquisition by Sectra provided us with the opportunity to expand and guarantee long-term stability,” said Mr Young. “Our business development will continue to be based on the premise that all care providers and hospitals can use our services, regardless of which IT systems they have in place, to exchange and share medical images and reports.”
Torbj�rn Kronander, president for medical systems at Sectra, said: “Burnbank has built up a successful operation with exciting business development potential. Combined with the existing services Sectra offers the healthcare sector we will be able to provide further benefits for all our customers.”
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Mr Muskett said: “The deal not only highlights the depth and extent of our capabilities in advising family-owned businesses but also in niche and complex areas of law.
“Having a listed Swedish buyer on the other side threw-up some complexities but we have a proven track record of advising on cross-border sales. Our experience in the IT sector and central government related contacts also played a major role in securing the right deal.”
Mr Young added: “This was not just an important decision for the business and our staff, it was also an important decision for me. It was a complex process which we would not have been able to complete without Nathan’s support and commitment and his in-depth knowledge of our business.”