This acquisition news comes as the company has held its initial public offering plan and instead formed a deal with Citadel. According to a press statement, the price Citadel paid for the acquisition remains undisclosed, but it was probably higher than Genie’s planned $2 a share initial public offering.
Genie Solutions offers two practice management software – Genie and Gentu. Genie provides medical professionals access to clinical, demographic, and account records directly from an appointment book; it also allows them to access fee schedules and set custom fees to ensure the correct billed amount. Gentu, which helps reduce human error and enhance workflow through automated batching and receipting claims.
In a statement, James Scollay, the chief executive of Genie Solutions, said Genie “will be a great fit” to Citadel’s healthcare software segment, which has built a “market-leading” presence in clinical and diagnostic software throughout Australia and the UK.
“Like Genie, Citadel prioritizes the improvement of health outcomes and securely managing critical data and systems so that medical professionals can focus on their patients. We look forward to sharing our knowledge and benefiting from Citadel’s significant scale and resources as we continue to invest in our people and our product, to grow our leadership position in software for medical practitioners,” Scollay said, commenting on Genie’s acquisition.
Mark McConnell, CEO of Citadel Group, said they intend to invest “heavily” in innovation to “extend Genie’s dominant position, enabling the continuation of its exciting growth trajectory.”
One hundred thirty-six digital health companies were acquired in the first half of 2021 compared to 83 in 1H 2020. Telstra Health, a practice management software company, agreed to acquire healthcare practice management software company MedicalDirector for $350 million.