April 9, 2021 – Australian diversified alternative asset management firm, Tanarra Capital, has acquired a majority stake in Health Metrics, the leading cloud-native, data-driven software solution for the Residential Aged Care, Retirement Village, Home Care, Disability Care and Primary Health Care sectors (“Health & Social Care”) in Australia and New Zealand.
Health Metrics was founded in 2008 by Steven Strange and Lisa Papettas, who saw a need in the sector for an enterprise-grade software platform with a strong clinical underpinning that would enable providers to make data-driven decisions which drive better care outcomes for residents, clients and patients.
Health Metrics’ core product, eCase, features a Single Client Record Architecture (SCRA™) which allows clients’ records to move with them across various modes of care. It enables providers to make better, data-driven decisions which ultimately lead to significantly better care outcomes for clients in a cost-effective manner
The recent Royal Commission into Aged Care has highlighted the increasing importance of data and analytics in improving client outcomes. Health Metrics, as the leading sector data platform with a growing clientele, is ideally placed to lead this vital improvement for the industry. Tanarra Capital’s lead data scientist, Hani Fayed, will assist Health Metrics in realising this vison.
Steven and Lisa will maintain a significant ownership stake in the Company and continue to lead the business.
CEO Steven Strange commented “I’m very excited to have a partner with the strength of Tanarra backing our vision. It will give us the impetus to accelerate our growth plans into a whole new realm of solutions and support for the Health & Social Care sector. Our goal is to be the clear market leader in a sector that needs what we provide more than ever.”
Tanarra was advised by Herbert Smith Freehills and BDO while Health Metrics was advised by KHQ Lawyers, WHM Partners and PwC.
Health Metrics is Tanarra’s fourth private equity investment under its current mandate and was led by Maja Sliwinski and David Wright. “We have been actively looking to invest in the space and we are delighted to invest in the best-of-breed technology,” said Maja Sliwinski. “We are partnering with a management team that philosophically shares our vision of improving the quality and safety of residential and in-home aged care for senior citizens of Australia.”
The next three years will see the standards like FHIR® (HL7®) and possibly interRAI™ become de facto data standards for Aged Care, and more broadly, the Health & Social Care sector. HM continues to work with people like Prof Len Gray (UQ) and others on being part of the data standards solution for Aged Care.
Tanarra is an Australasian alternative asset manager with over $1.7 bn in funds under management across private equity, private credit, venture capital and selected strategic investments in public companies. Tanarra’s private equity team seeks to partner with growing mid-market businesses. Tanarra has 30 employees in Melbourne, Sydney, Perth, Brisbane, Auckland, Tokyo and Hong Kong.