BaltCap Latvia Venture Capital Fund (BLVCF) sells Blue Bridge Technologies, the leading provider of medical practice management systems in Latvia, to Everfield, a specialized software investor backed by private investment firm Aquiline Capital Partners. With the transaction Everfield will acquire 100% of Blue Bridge Technologies, buying also the shares of Imprimatur Capital and other minority shareholders.
Founded in 2007 in Latvia, Blue Bridge Technologies is one of the leading developers of information systems in the Latvian healthcare and insurance sectors. Blue Bridge has three main lines of business, all of which focus on developing and delivering innovative software solutions that increase patient satisfaction and reduce costs. SmartMedical offers a user-friendly and easily customizable electronic medical record system for healthcare providers, SmartInsurance facilitates electronic processing of insurance claims and settlements between counterparts, and Piearsta.lv is a novel patient portal with telemedicine functionality.
BaltCap partner Martins Jaunarajs notes that Blue Bridge Technologies offers a relevant service that helps modernize and simplify often complicated healthcare operations and facilitates patient care for medical specialists and doctors. „Blue Bridge has established itself as a leading software developer in the Latvian medical industry, and now the time is ripe to expand their service offering. I am thankful to the founders Andrejs Strods and Leonīds Paturskis for their dedication and grit through the years.”
Andrejs Strods, Co-Founder and CEO of Blue Bridge, says the founders are deeply grateful to BaltCap and Imprimatur for their support during the challenging early years of the company. According to Strods, “Being part of Everfield is the start of a long-term journey with numerous opportunities for our clients and our team. We can leverage Everfield’s expertise, capabilities and investments to benefit our customers and employees. For us Everfield is a strong fit, as their dedication to long-term innovation and quality syncs with the journey we’ve been on for the last 15 years.”
“We are delighted to have the Blue Bridge team join Everfield,” claims Henning Schreiber, Head of Acquisitions at Everfield. “Blue Bridge offers a unique set of products and skills that sets them apart in the healthcare and health insurance verticals, and we are excited for the future growth of the business.”
The transaction has been advised by BDO Latvia and Germany, Cobalt and Corum.