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Kennet invests in Telemedicine Clinic

September 12, 2007,
by volcanic

Kennet Partners leads €7m financing of European teleradiology market leader

Kennet Partners, a leading international growth equity investor focused on the technology sector, is pleased to announce the first investment from its new fund, Kennet III L.P. Kennet has led a €7m financing of European Telemedicine Clinic ('TMC'), the European market leader in the provision of sub-specialized teleradiology services to public and private healthcare providers.

Teleradiology involves the transmission of digitised diagnostic images - such as x-rays, MRI (Magnetic Resonance Imaging) scans and CT/PET scans - to a remote location for interpretation by certified radiologists. In recent years, demand for advanced diagnostic scans has increased significantly, leading to long waiting times for patients and highlighting a shortage of specialized radiologists in many countries.

As a result, hospitals are looking to teleradiology to provide access to sub-specialty diagnostic services, and to achieve their objective of reducing patient waiting times. TMC was one of the first European providers of teleradiology services and is currently the leader in the UK and Europe.

According to Frost & Sullivan, some 91 million digital radiography exams took place in Europe in 2006, a figure that is expected to grow to 198 million by 2010, with most of the increase coming from the so-called complex modalities - MRI and CT/PET. It is estimated that in the most advanced European markets for teleradiology - the UK, Spain and Scandinavia - less than 4% of these exams are currently being interpreted remotely. Evidence from more mature markets, such as the US, indicates that up to 20% of diagnostic exams will eventually be reported remotely.

TMC was founded in 2001 by David Backstom and Henrik Agrell in Barcelona, Spain. Today, more than 80 experienced radiologists work for TMC. From the company's centralized reading facility in Barcelona, a large base of UK radiologists serve the UK market. The company also provides European hospitals with on-call ('nighthawking') services from Sydney, Australia. TMC pioneered the establishment of new quality and control processes for remote reading centers, and as a result the company is considered a quality leader in this market.

"What impressed us about TMC's management was the speed with which they established the company as both the quality and volume leader in the market. TMC is setting the standard for sub-specialty radiology services in Europe today. We are delighted to support the TMC team as they cement their position in the global market for telemedicine services," said Maximilian Bleyleben of Kennet Partners.

"The timing of Kennet's investment could not be better for TMC. With Kennet on board, TMC will further accelerate its growth and presence in the UK and other geographic markets and to develop new service offerings. Our growing sub-specialty expertise with the most advanced imaging modalities, such as CT/PET, will enable us to remain a pioneering provider of telemedicine services to hospitals worldwide," said David Backstom of TMC.

Maximilian Bleyleben of Kennet will join the board of directors of TMC. The company was advised in this financing round by GBS Finanzas of Madrid.

As part of this financing, earlier investors Active Capital Partners (ACP) and Inversions en Innovacio a Catalunya, F.C.R. (Invernova) achieved a partial exit for their shareholdings. Invernova was the first institutional investor in TMC in 2004.

Telemedicine Clinic (TMC)

Telemedicine Clinic is based in Barcelona and provides diagnostic services in radiology for public hospitals and private healthcare providers in the United Kingdom and Scandinavia. The diagnostics are provided in the native language of the hospital and are always double-read by two specialists. Today Telemedicine Clinic is the largest centre in teleradiology and the largest diagnostic centre in MRI in Europe with 80 specialist radiologists working from seven European countries.
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Kennet Partners Ltd

Kennet Partners is a leading international private equity firm that invests in growth companies providing information technology products and business services that leverage technology. Kennet provides expansion capital to businesses that want to accelerate growth and build exceptional shareholder value in partnership with an experienced investor. Kennet Partners acts as an advisor to Kennet I, a Jersey-based fund and to Kennet II and Kennet III, both Guernsey-based funds. Kennet Partners is authorised and regulated by the Financial Services Authority.
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ACP Active Capital Partners

ACP, advisor to MCI (Molins Capital inversion S.C.R. S.A.), makes minority investments in companies requiring startup or expansion capital. ACP invests between €500,000 and €3,000,000 per transaction and also co-invests in larger opportunities. ACP's investment style is characterised by its independence, how its partners complement the management teams they back, its entrepreneurial shareholder base and its network of advisers, consultants and specialists, who enable ACP to add value to its investments.

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