Italian Firm Acquires Swiftqueue Technologies

22 Nov 2021 | 08.52 am

Italian Firm Acquires Swiftqueue Technologies

Exit is good result for Kernel Capital

22 Nov 2021 | 08.52 am

Italian company Dedalus has acquired Swiftqueue Technologies, an online appointment and scheduling solution provider for hospitals.

The software is deployed throughout the UK, Ireland and Canada for clinics, diagnostic imaging, vaccination services and multiple care pathways across acute and community services.

Dedalus Group CEO Andrea Fiumicelli commented: “Dedalus and Swiftqueue offer a capability that greatly improves the workflow of appointment management, focusing on the experience for patients and service providers.”

Brendan Casey, co-founder and CEO, stated: “We are very excited to expand on our existing, successful partnership with Dedalus. The Swiftqueue vision has always been to use digital means to coordinate care, and to make access to care as seamless as possible. This next step in our journey allows Swiftqueue to scale faster and deliver enhanced services to providers and patients across the UK and Ireland.”

Swiftqueue Technologies, established in 2011 and based in Maynooth, booked a net profit of €640,000 in 2020 after a loss of €265,000 the previous year. Net worth in December 2020 was a negative €650,000, when total liabilities amounted to €2m.

The abridged balance sheet discloses €670,000 owed to credit institutions and €450,000 in redeemable preference share capital. Through 2020, headcount expanded from eight to 14 people.

The company’s funders included Kernel Capital, which invested €650,000 in the venture through the Bank of Ireland Seed and Early Stage Equity Fund, managed by Kernel Capital.

The VC was also invested in Oncomark, also sold recently, and Kernel Capital said that the two trade sales have delivered €5m in returns for the fund.

Dedalus is majority owned by Ardian, a private investment house.

In the acquisition, Dedalus was advised by KPMG for accounting due diligence, McCann FitzGerald for the tax due diligence, and DWF as legal advisors.

Photo: Brendan Casey and Dawn Walsh of Kernel Capital

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