Arma Partners advises Corilus, a leader in medical software solutions for the primary care market, on its sale to Gilde 
Corilus is the leading medical software provider in Belgium and develops cloud-based clinical and administrative software solutions used by more than 40,000 care workers across primary care, pharmacies and elderly homes
Founded in 1998 and headquartered in Ghent, Corilus employs c.400 people across Belgium, Tunisia, and France
Over the years, the company has demonstrated innovative R&D capabilities through the launch of connectivity solutions and applications addressing all care settings and enabling the seamless exchange and integration of data between care givers, patients and other healthcare stakeholders
Gilde Buy Out Partners is a leading European private equity investor in mid-market transactions with operations in the DACH region and the Benelux
It manages funds in excess of €3 billion and has offices in Utrecht, Brussels, Frankfurt and Zurich
Since its inception in 1982, Gilde has supported more than 250 companies to realise their growth ambitions
Corilus pioneered a differentiated cloud-based connected care platform for primary care that is built on microservices architecture
The combination of long-term organic growth potential and the opportunity to continue acquiring complementary companies presents a compelling value creation thesis for Gilde
Corilus’s leading market position with high barriers to entry and the mission-critical nature of the software also provide significant downside protection
Gilde brings a complementary skillset with a strong track record in buy-and-build strategies and expertise in driving value through international expansion
Arma carefully short-listed and pre-qualified the most credible potential buyers in a three phase process, ensuring that confidentiality was maintained and attention was focused on key buyers
With the onset of the Covid-19 pandemic, Arma quickly refreshed positioning of the company as a resilient business and worked with management on scenario planning and providing transparent updates to bidders on Corilus’s sales performance throughout the due diligence phase
Arma ran a lender education process and ensured availability of financing despite disruption in the debt capital markets due to Covid-19
Strong competitive momentum was maintained throughout the process, which resulted in a very successful outcome for the shareholders
This transaction highlights Arma Partners’s deep sector expertise in Digital Health and ability to consistently deliver successful outcomes for our clients even against a backdrop of an unprecedented global pandemic