Healthcare software

Creating a proprietary path to scale in surgical workflow software

Ether developed a proprietary add-on opportunity that doubled a surgical instrument tracking platform’s revenue and hospital client base—helping set up one of the private equity firm’s top-five exits in nearly 40 years.

Medical professional using a tablet in a modern healthcare setting

The mandate

A leading Northeast-based private equity firm retained Ether to develop and execute an add-on search strategy for its portfolio holding, a provider of SaaS-based surgical instrument tracking and workflow solutions. The investment thesis centered on expanding the North American healthcare facility client base while adding capabilities and modules to the software platform.

How Ether developed a proprietary opportunity

A focused path from question to action.

Screened a broad competitive landscape

Ether identified and screened several hundred potential targets, including direct competitors, to uncover the companies best positioned to expand the platform’s reach and capabilities.

Unlocked a founder-led strategic fit

Ether engaged a key competitor and learned that its founder had built the business with an eventual sale to a competitor in mind. The founder was not seeking an investment bank or a broad sale process, creating a true high-value proprietary opportunity.

Brought the right parties together

Ether introduced the founder to the client, whose interest was immediate. The parties moved from introduction to a completed transaction within eight months.

A strategic combination with exceptional results

The acquisition doubled company revenue and the number of hospital clients served while significantly increasing EBITDA. Within one year, a strategic acquirer approached the combined company with an outstanding, aggressive offer. The resulting sale became one of the top five most successful exits in the private equity firm’s nearly 40-year history.

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