MUNICH: Banyan Software, a Toronto-based acquirer and long-term operator of software businesses, announced Thursday it has acquired HMM Germany, a B2B eHealth platform that manages approval, billing and payment processes for medical aids.
The acquisition brings HMM, which operates the X3.Net digital platform, under Banyan’s “buy-grow-and-hold-for-life” model . Terms of the deal were not disclosed.
Founded in 2006 and headquartered in Moers, HMM employs more than 200 people. Its X3.Net platform connects health insurers, medical-device manufacturers and healthcare providers, handling cost estimates, approvals, billing and reimbursements for medical aids in real time. The company serves thousands of healthcare providers across Germany and has built relationships with insurers and device makers over two decades .
HMM offers its technology both as software that automates customers’ internal processing and as a managed service operated on the customer’s behalf, spanning product families for payors, providers and long-term-care insurance .
The company’s founders and management team sought a long-term partner that could provide capital and operational expertise to invest in the platform, enhance the product and accelerate AI adoption while preserving customer relationships .
“We are proud of the platform we have built and the trust our customers have placed in us over the years,” HMM founder Istok Kespret said in a statement. “We wanted an owner who would commit to the platform for the long term, invest in it, and stand behind the customer relationships we have spent two decades building. We found that in Banyan.”
Banyan said the HMM team will remain in Moers and customer relationships will stay intact. The company plans to invest in the platform, responsible automation and personnel .
“HMM’s team has been earning the trust of the insurers and providers they serve since 2006 that’s not something we take lightly,” said Kay-Ingo Greve, operating partner at Banyan Software. “The team stays in Moers, the relationships stay intact, and we’re backing that stability with real investment.”
Banyan operates more than 100 portfolio companies across North and South America, Europe and APAC. The company’s “forever home” strategy is designed to honor founder legacies and maintain operational stability in specialized industries .
