Auckland, New Zealand – In a significant move within the global health technology sector, Banyan Software, renowned for its extensive portfolio in Australia and New Zealand, has acquired Medtech Global, a leading health technology provider in the Australian and New Zealand markets. Banyan’s acquisition of 100% of Medtech’s shares from Advent Partners and Geoffrey Sayer, the CEO/Managing Director of Medtech Global, underscores Banyan’s commitment to fostering innovation in the health tech space.

The acquisition includes several key assets: Medtech Evolution, Medtech Artia Practice Management Systems, Medeor® payment solutions, and Medtech ALEX®, a comprehensive ecosystem of third-party digital healthcare applications. Geoffrey Sayer will remain as CEO under Banyan’s ownership, ensuring continuity in leadership.

The Legacy of Medtech Global

Founded in 1989 and headquartered in Auckland, New Zealand, Medtech has been at the forefront of health technology innovation. The company collaborated with medical centers and healthcare practitioners to develop the country’s first Practice Management System. Since then, Medtech has expanded its services to healthcare providers in New Zealand, Australia, Ireland, and the Cook Islands, offering a range of solutions including the Medtech PMS, interoperability solutions, clinical business intelligence, cloud hosting, and healthcare payment solutions.

Sayer and Advent Partners acquired Medtech Global in 2020. Under Sayer’s leadership, Medtech has made significant strides, developing innovative programs such as ALEX® and Medeor®, and expanding its footprint in Australia.

Future Prospects and Partnerships

With the acquisition, Medtech is poised to continue leading health tech innovation across Australia and New Zealand. Sayer emphasized the strategic importance of this partnership, saying, Partnering with Banyan represents a dramatic advance for both Medtech and medical practice management in New Zealand and Australia. Our mission has always been to strengthen the delivery of primary care and general practice through innovative health technology. With Banyan we now have the relationships, resources and long-term commitment that ensure we can continue to invest in developing Medtech software. That’s good news for practices, their patients and the overall healthcare system.

David Berkal, CEO of Banyan Software, expressed his enthusiasm for the acquisition, stating, Geoff and the leadership team at Medtech have done a tremendous job over the past 5 years and we are thrilled to support such a strong team in helping the company reach even greater heights… Every company that joins the Banyan family, including MedTech, is an industry leader with a strong foundation of innovation. Medtech will have support from a global community of software businesses, ensuring it has the resources needed to fuel its continued success.

Banyan Software’s Vision and Strategy

Banyan Software, founded in 2016, has a track record of long-term partnerships with the software companies it invests in. The company follows a buy-and-hold-for-life strategy, aiming to grow acquired businesses permanently. Banyan’s mission is to acquire, build, and grow great software businesses globally, with a particular focus on niche verticals.

In recent years, Banyan has completed over 70 acquisitions globally, including many in Australia and New Zealand. With a dedicated team in Australia, Banyan is committed to growing its portfolio of software companies in the region.

Rob Hooke, Partner at Advent Partners, reflected on the acquisition, saying, Advent purchased Medtech in 2020 because we recognized it as an innovative and market-leading New Zealand software company with potential to expand its service offerings in both New Zealand and Australia. We supported Medtech’s enhancements to its PMS and new product introductions, including innovative cloud-based services with enhanced data privacy protection, security, and backup services.

Hooke further added, We are proud to have been part of Medtech’s growth and delighted to be handing it on to a company that can further assist it in achieving its potential in providing services to medical practices in global markets. We look forward to seeing Medtech’s next phase of growth.

The Implications for the Health Tech Industry

This acquisition marks a significant milestone for the health tech industry globally. As healthcare systems in countries like the U.S. continue to embrace digital solutions, companies like Medtech and Banyan Software are pioneering the integration of technology into patient care. The move underscores the importance of innovation and the growing reliance on digital healthcare platforms to enhance medical practices.

For example, the U.S. healthcare landscape has been rapidly digitizing, with telemedicine and electronic health records (EHRs) becoming standard practices. Companies like Epic Systems and Cerner are leaders in the field, providing comprehensive EHR systems and other health IT solutions. The acquisition of Medtech by Banyan could lead to innovative collaborations and knowledge sharing between companies in the U.S. and New Zealand markets.

This acquisition also highlights the potential for cross-border investment and collaboration. The medical practices in New Zealand and Australia can benefit from cutting-edge technologies and innovative practices, ultimately leading to improvements in patient outcomes and operational efficiencies.

Medtech, now under Banyan’s ownership, will likely focus on expanding its market presence and enhancing existing technologies. The acquisition aligns with Medtech’s mission to support medical practices in operating optimally while preparing for the future, echoing the ethos of companies in the U.S. that prioritize both immediate output and long-term strategic development.

With a shared vision of long-term partnership and innovation, Banyan Software and Medtech Global are set to lead the next wave of health tech advancements across the globe. This strategic move reaffirms the commitment to driving innovation in the healthcare sector, ensuring that medical practices remain efficient, effective, and always prepared to meet the evolving needs of their patients.