Software specialists move to Wales after making capital investment to help fund growth and acquisition strategy
Software specialist Carebeans Limited established an office in Monmouth, Wales after securing a large six-figure capital investment for their primary social service management software from the Development Bank of Wales and MSIF based in Liverpool. The co-investment includes the trade and acquisition of assets from the Software business of Standex Systems Limited and the onboarding of five new employees moving from Standex UK to Carebeans.
Carebeans was first created by Managing Director Nick Lawford in 2019. Offering unique benefits and features to different users, Carebeans has a cloud-based system for retirement and nursing homes and the full spectrum of assisted living, including home care, disability and mental health. services.
The funds will now be used to grow the business with further development of software functionality and the opening of the new office in Monmouth. New jobs are expected to be created in parts of South Wales and Merseyside, where Carebeans has an office at Sci-Tech Daresbury.
Managing Director Nick Lawford said: “This investment is making a dramatic shift in our ability to attract new clients and accelerate R&D in areas that we know will have a big impact on broad areas of healthcare delivery. social in the near future. My goal has always been to use cutting edge technology to help people live their lives where they want to be with dignity while helping caregivers provide consistent high quality support without being hampered by expensive systems and processes. , often disconnected.
“Funding from MSIF and the Development Bank is now accelerating our growth in the social assistance sectors with the opening of our second office and the recruitment of a highly specialized and qualified team. “
Oliver Wheatley is Head of Investments in the Technology Firms team at the Development Bank of Wales. He said: “The digital transformation of the nursing home and home care industry offers operators the opportunity to drive significant operational efficiencies and deliver better people-centered care than is possible with legacy paper systems. .
“This is a truly exciting time for the industry, which is why we are delighted to support Carebeans in the development of their competitively priced end-to-end solution. They have a real understanding of the needs of the sector with a market-leading and scalable offer. We look forward to working with the team and MSIF as co-investors to help drive the growth and future success of the business from their new office here in Wales.
David Walters, Director of Investments for AFM / MSIF, said: “The investment team has clearly understood how innovative the software platform is to support caregivers, people receiving care and their families at a time when care in the UK has never been more important. The company has already diversified into non-age care sectors such as disability and we expect Carebeans to be a key player in supporting home care in the UK and the UK. foreigner.
Marc d’Abbadie, AFM / MSIF Equity Manager, commented: “Carebeans represents another Software as a Service start-up within LCR that MSIF has supported over the past 12 months. The UK healthcare industry is growing rapidly and we anticipate that Carebeans will both enable and capitalize on this growth, in the UK as well as new international territories. Special thanks to John Leake of Sci-Tech Daresbury who introduced us to Carebeans.
MSIF legal support was provided by Daniel Hayhurst of Brabners. Blake Morgan advised the Development Bank of Wales. Financial modeling was performed by George Wright of the LCR Finance Hub.