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ISIS Equity Partners has continued its trend of investing in healthcare and IT companies after buying a medicine prescription software developer.

ScriptSwitch, which is designed to help primary care trusts shave millions of pounds off their drugs budget, was bought for £9.9 million.

The private equity provider invested £4.6 million in the deal through the Baronsmead VCTs alongside funds provided by ScriptSwitch’s existing investor Midven, a Midlands-focused fund manager.

ISIS’ investment was managed by Matt Caffrey, who said: “ScriptSwitch is a rare example of a business that has developed a unique product and created its own market opportunity from scratch.”

ScriptSwitch’s managing director, Mike Washburn, said with ISIS’ backing the company is poised for growth. The private equity firm’s first move was to introduce Jim Horsburgh to its board as non-executive chairman. Horsburgh has experience of the IT healthcare industry and is currently chairman of System C, a patient administration systems provider.

The Coventry-based company’s software is designed to make the prescription process more cost-effective. The product is supplied to primary care trusts for use by GPs. It currently services 79 contracts with 52 primary care trusts including Darlington, South West Oxfordshire and Norfolk.

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