Through its research in the Software markets, Battery identified an unusual and complicated asset: Quovadx – a publicly traded company with subsidiaries that were operated autonomously as distinct brands in unrelated markets.
Battery believed that given the limited synergies within that structure, there was a significant opportunity to create value by decoupling the divisions and executing a more focused growth strategy for each.
Battery took Quovadx private and restructured the divisions – Rogue Wave and Integrated Solutions (renamed Healthvision)– into standalone businesses, each with significant potential upside via both organic growth and accretive acquisitions
The Battery Difference
Brought on seasoned software executive Russell Fleischer as an Executive in Residence to finalize the complex take-private of Quovadx, ensure the common administrative functions were efficiently parsed into the distinct operating companies or eliminated, and run the go-forward healthcare software business, Healthvision
Established Rogue Wave as a separate company
Worked with Russell to identify, acquire and integrate 2 complementary software businesses with a large customer bases and well-regarded brands.
Grew from $25M to $70M in 2 ½ years, building a streamlined, well-positioned healthcare software company in a large and important market
Acquired by Lawson for a 3.5X return and +60% gross IRR