Healthcare SaaS company, Nordhealth lists on Euronext Growth Oslo

ESPOO, FINLAND: Nordhealth AS, a leading provider of cloud-based Practice Management Software (PMS) for veterinarians and therapists, was today admitted to trading on Euronext Growth Oslo under the symbol NORDH.
Nordhealth is a cloud-based healthcare SaaS company whose mission is to redefine digital healthcare. The Company’s products empower healthcare professionals to improve patient care, increase efficiency and grow their business. Since 2005, the Company has acquired and built cloud-based software for veterinary and therapeutic professionals and their patients, and now serves more than 30,000 professionals across 7,000 clinics and hospitals located in over 25 countries.
Charles MacBain, Chief Executive Officer and majority owner of Nordhealth, said, “The capital raise and listing are important milestones for Nordhealth. The wider investor base and strengthened financial platform position us to fully take advantage of the ongoing shift from legacy on-premise or hosted software to cloud-based practice management tools within our selected healthcare niches.
We look forward to using the proceeds to accelerate investment into recruiting and retaining great talent, rethinking our design and development processes to improve our products, investing in local implementation and support teams to ensure great experiences at every touchpoint, and acquiring other software to accelerate our entry to new geographies and grow our portfolio of add-on products.”
The listing follows a successful EUR 165 million transaction, including a primary offering raising EUR 120 million of gross proceeds to fund future organic and acquisition driven growth. Nordhealth is valued at approximately EUR 320 million, equivalent to NOK 3.3 billion, on the day of listing.
Headquartered in Espoo, Finland, the company is remote-first, with more than 240 employees working either remotely or from offices (collaboration hubs), serving a global customer base. Nordhealth has a solid footprint in the Nordic region and a growing presence internationally. The Company’s highly diversified customer base includes Tier 1 companies such as IVC Evidensia, AniCura, Coronaria, and Fysios.
Didier Breton, chairman of the board, said, “The listing is a natural step in maturing Nordhealth as a company, clearly positioning us as an attractive partner to our customers and to potential M&A candidates. We are eager to continue execution of our proven strategy of organic growth and acquisition-led expansion and create long-term value for a wider set of stakeholders.”
In 2020, Nordhealth had total revenues of EUR 20 million and an adjusted EBITDA of EUR 4.4 million, respectively, based on unaudited combined financial statements for 2020 which includes recent acquisitions. The Company had Annual Recurring Revenues (ARR) of EUR 21.4 million at the end of Q1 2021, based on its unaudited management accounts. The Company forecasts an ARR at year end 2021 of between EUR 23-25 million.
Nordhealth has been successful in growing recurring revenue streams (85% of total revenue), as demonstrated by an ARR CAGR of 87% in the period from 2018 to 2020. The growth reflects the successful execution of the Company’s M&A strategy, having completed seven acquisitions, combined with a strong underlying organic ARR CAGR of 46% in the same period.
The organic growth is driven by customer user growth, upsells and price increases, supported by proactive customer acquisition strategies and greenfield entry into seven countries leveraging low-localization and regulation requirements in the chosen market segments.
The Euronext Growth listing supports Nordhealth’s objective of being a global leader in the healthcare SaaS sector, and the continued execution of its proven two-pronged strategy of organic growth and acquisition-led expansion. To date, the company has successfully acquired and integrated seven acquisitions.
The Listing will also strengthen the Company’s ability to i) attract, retain and motivate talented employees, ii) build a diversified long-term shareholder base that supports future growth and value creation, and iii) allow for a more liquid market for the company’s shares.
Carnegie AS acts as financial adviser to Nordhealth in connection with the offering and listing process.

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