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Foresight invests £1.7m into Hexarad Group Limited, a fast-growing provider of teleradiology services

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  • Hexarad is an early stage, high growth healthcare technology company, providing teleradiology services to NHS Trusts and UK private healthcare customers
  • Founded by a team of leading UK consultant radiologists, Hexarad supports efficient and high-quality patient care, using a technology-led proposition to provide specialist clinical reporting on diagnostic images
  • Investment will be used to continue driving growth in the company by adding further technology infrastructure and specialised operational capability

London, 12 July 2021: Foresight Group (“Foresight”), the leading private equity and infrastructure investment manager, is pleased to announce a £1.7 million growth capital investment into Hexarad Group Limited (“Hexarad” or the “Company”), a high growth UK teleradiology company, as part of a £2.3 million funding round.

Hexarad is an early stage, high growth healthcare technology company, providing teleradiology services to NHS Trusts and UK private healthcare customers. Headquartered in London, the Company was founded in 2016 by a group of NHS consultant radiologists and differentiates through its clinical leadership and technology-led proposition.

Demand for radiology services is increasing rapidly, driven by factors including ageing population, growing prevalence of chronic disease and advances in imaging technology. A relative shortage of radiologists, coupled with growing demand for specialisation and out of hours reporting, means that teleradiology will play an increasingly important role in the delivery of critical services to patients, particularly given the backlog in care caused by COVID-19.

Foresight’s investment into Hexarad will enable the company to support more NHS and private healthcare customers, adding deeper capability and specialisation to its reporter network and further improving the technology which is core to its customer and radiologist experience.

Commenting on the investment, Farzana Rahman, CEO of Hexarad, said: “As radiologists, we’ve had first-hand experience of the growing demands within medical imaging and the tremendous pressure faced by radiology departments and hospitals. We founded Hexarad with the mission of creating excellence in medical imaging through developing innovative, clinically-led solutions that help patients get diagnosed more swiftly. We’re excited to be working with Foresight through this next phase of growth, providing the opportunity to build value for our customers.”

Matt McLoughlin, Senior Investment Manager at Foresight, added: “The services that Hexarad provides are critical to the provision of patient care as the importance of medical images continues to increase. We are investing in an outstanding management team and we look forward to supporting them in achieving their vision over the coming years.”

James Livingston, Partner at Foresight, commented: “Foresight is committed to supporting high potential healthcare companies in the UK. The investment in Hexarad follows prior health sector investments by Foresight including ABL Health, Mi Healthcare and Hospital Services Limited.”

Foresight is dedicated to contributing to a healthier society as demonstrated through its consistent activity in the health sector over the past 12 months. Foresight funds made four new investments in the sector in the period across diagnostics, software and services to the clinical trials market and electronic document management solutions for NHS Trusts. Foresight’s existing healthcare portfolio continues to perform strongly, most notably Hospital Services Limited and Biofortuna, which have seen revenues double and grow tenfold respectively. The success of these investments to date demonstrates Foresight’s ability to support innovative healthcare businesses achieve their growth plans across the UK.

 

Advisers to Hexarad:

Legal Advice: Mishcon de Reya

Advisers to Foresight :

Legal Advice: RW Blears

Financial due diligence: Price Bailey

Management due diligence: Catalysis Advisory

Commercial due diligence: RPL Advisory

Technical due diligence: CloudOrigin

Cyber due diligence: ECSC Group

Insurance due diligence: Marsh

For more information contact:

Borja Miquel: foresight@citigatedewerogerson.com / +44 (0)20 7025 6631

Will Easton: foresight@citigatedewerogerson.com / +44 (0) 7860 753146

Notes to Editors

About Foresight Group LLP (“Foresight”):

Foresight is an award-winning listed infrastructure and private equity investment manager which has been managing investment funds on behalf of institutions and retail clients for more than 35 years.

Foresight has more than £7 billion of Assets Under Management across a number of funds, including Listed Vehicles, Limited Partnerships, Enterprise Investment Schemes (EISs), Venture Capital Trusts (VCTs), Inheritance Tax Solutions using Business Relief (BR) and Open-Ended Investment Companies (OEICs).

Foresight’s Private Equity Team, comprising over 30 investment professionals, manages c.£700 million in a portfolio of more than 100 companies and pursues four discrete but complementary investment styles: Venture, Impact, Growth and Replacement Capital through its growing regional office network.

Foresight was a commended finalist in the Best Venture Capital Trust Provider category at the 2020 Investment Life & Pensions Moneyfacts Awards. Foresight was named ‘Fund Manager of the Year’ at the PLC Awards last year, ‘Generalist VCT of the Year’ at the Investment Week Tax Efficiency Awards 2018/19 and was a finalist in the 2018 Unquote British Private Equity Awards as Venture and Growth Capital House of the Year.

Foresight’s largest office is in London with regional UK offices in Edinburgh, Manchester, Nottingham, Milton Keynes, Leicester, Cambridge and Guernsey and international offices in Sydney, Rome, Madrid, and Luxembourg.

foresightgroup.eu

 

About Hexarad Group Limited:

Hexarad is a teleradiology company, alleviating the global shortage of radiologists by remotely diagnosing and reporting on medical scans that result from an exponential increase in demand for medical imaging. Led by a team of senior radiologists, Hexarad understands the challenges facing the industry and has the clinical and technical understanding to deliver for its customers and patients.

www.hexarad.com