Verdane forms new healthcare technology group with Conscriptor and Max Manus with the aim to double direct care time in Nordics
OSLO/STOCKHOLM – Verdane, the Northern European specialist growth equity investor, has partnered with Conscriptor, Sweden’s largest developer of medical journal documentation services and dictation software, and Max Manus, Scandinavia’s leading provider of speech recognition and dictation software. The companies will be merged to form a SEK 250m Nordic healthcare technology group specialised in medical transcription services and speech recognition. The group has the vision to help healthcare professionals and care institutions dramatically increase time for direct care by digitalising healthcare administration and documentation processes.
“We are going to be the Nordic category leader in freeing up time for direct care. Only 30% of all time spent by healthcare professionals today is spent with patients. It’s one of the most pressing issues facing our healthcare system, and it is at the top of both the public sector and political agenda. Our ambition is to double direct care time in the Nordics using our transcription and speech recognition technology. It’s an immediately effective way of digitalising our healthcare sector and using AI to make everyday tasks easier for the people on the ground,” says Henric Carlsson, CEO at Conscriptor.
Conscriptor is Sweden’s largest developer of medical journal documentation services and dictation software for hospitals and health centres, and has been ranked five times as one of Sweden’s most successful growth companies by the country’s leading business daily, Dagens Industri. The company has developed Europe’s most popular medical dicatation app, MedSpeech.
”There is significant potential in the Nordics to draw on new technology to increase healthcare efficiency. Administration and routine processes are going to be increasingly digitalised. Conscriptor’s and Max Manus’s experience and technical solutions in healthcare documentation and speech recognition hold the potential to fundamentally improve healthcare administration and dramatically increase available time for direct care for all medical professionals,” says Jakob Tolleryd, Partner at Verdane.
”Nordic healthcare systems are already under severe pressure due to COVID-19. Effective digital solutions would increase available capacity in the entire system, which would in turn improve resilience in times of crisis. Conscriptor and Max Manus’s combined offering will help our welfare systems tackle long-standing resource scarcity and workload stress problems,” says Martin Elster, CEO at Max Manus.
Max Manus is Scandinavia’s leading provider of speech recognition and dictation software to the private and public sector. The company’s products are used by over 10 000 doctors every day in the Nordics.
The investment is made by Verdane’s SEK 3bn Edda fund. Conscriptor and Max Manus will become part of Verdane’s software portfolio, which includes over 20 other businesses including Freespee, HappyOrNot, Hive Streaming, Talentech and Scanmarket.
Verdane is a specialist growth equity investment firm that partners with ambitious Northern European tech-enabled businesses to help them reach the next stage of international growth. Verdane pioneered portfolio acquisitions in Northern Europe in 2003, and announced a complementary fund strategy entirely dedicated to direct investments in 2018. Verdane’s eight funds hold €1.8bn in total commitments and have made over 120 investments in growth sectors including advanced industry, consumer internet, enterprise software, energy & resource efficiency and financial services. Category leaders backed by Verdane include Confirmit, Danelec Marine, Dapresy, inRiver, HappyOrNot, Talentech, and Smava. Verdane’s more than 50 employees, based in Berlin, Copenhagen, Helsinki, London, Oslo and Stockholm, are dedicated to being the best growth partner in Northern Europe. www.verdane.com
Conscriptor is Sweden’s largest provider of medical journal documentation services and dictation software for hospitals and health centres, and has a vision of creating more direct care time through digital solutions for healthcare administration and documentation. Conscriptor was founded in 2006 on Orust, and has over 200 employees. Conscriptor developed Europe’s most popular medical dictation app, MedSpeech, and handles close to 10% of all medical journal documentation in Sweden today. Conscriptor has been ranked five times as one of Sweden’s most successful growth companies by the country’s leading business daily, Dagens Industri. www.conscriptor.se
About Max Manus
Max Manus is a Norwegian technology company specialised in communications and technology solutions for the healthcare system. The company was founded in Oslo in 1946 by the Norwegian occupation resistance hero Max Manus, and is Scandinavia’s leading provider of speech recognition and medical dictation solutions for hospitals, health centres, municipalities and the public sector. Max Manus operates in Denmark, Norway and Sweden, and has over 50 employees working from offices in Oslo, Århus, Copenhagen and Gothenburg. Max Manus’s products are used every day by over 10 000 doctors. www.maxmanus.no