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Healthvision: Turning a Complicated Whole into Two Great Parts
Sector: Software & Services
Stage: Buyout
Location: Irving, TX
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  • 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