Comrad Medical Systems Gets Savage Injection
Comrad Medical Systems Gets Savage Injection
Press release, COMRAD Medical Systems, Christchurch, New Zealand, 14-Sep-05: Christchurch based software developer COMRAD Medical Systems (formerly known as Software Innovations), has received a long-term 7-figure capital injection from the Savage Group to enable the company to replicate its national success off-shore.
Savage Group, the Savage family investment vehicle, has taken a 50% shareholding in COMRAD Medical Systems to elevate the company to the next level of business growth.
Industry figurehead and former Navman Executive Vice President, Mark Bowman, has been appointed non-executive Chairman to lead the new Board of Directors and steer the new business growth strategy.
COMRAD was established in 1987 by Managing Director Andrew Scott who grew the company to its dominant position today. Under his leadership COMRAD’s core Radiology Information System (RIS) technology has captured the lion’s share of the New Zealand radiology market – with installations in 95% of the private radiology practices and more than 50% of public hospitals. The software, which has been developed and enhanced over 15 years, is proven, robust and rates favourably against larger international brand competition.
The investment brings a wealth of business experience and financial clout to the organisation, and enables COMRAD to implement a concerted growth strategy that targets overseas markets. The company is already making strong inroads into Australia.
Mr Bowman explains COMRAD is already experiencing accelerated growth as a result of the deal. He says, “The capital injection by the Savage Group and the strength of the Board is allowing COMRAD to fast track efforts in product development, customer service and support, and the establishment of a more rigorous business infrastructure.”
Glenn Stewart of Savage Group says they approached COMRAD because they recognised the value and potential of the business and its technology.
“The complexity and strength of COMRAD’s software is world class, due to rigorous product R&D and customisation. New Zealand’s health system is quite advanced compared to other countries, which has enabled the company to create highly compatible and technically superior radiology information systems,” said Mr Stewart.
“We are excited to be involved with COMRAD, and are very pleased with the progress made so far. The business has a lot of potential and, if we get it right, we can grow the business to become a truly global organisation. The Savage Group is committed to COMRAD’s long term success,” he continued.
Andrew Scott has welcomed the Savage Group’s contribution and the establishment of the new Board of Directors. He says, “Since the shareholding change-over the Savage Group has injected significant capital into the business. This vital resource and extensive experience of the new Board is enabling us to extend our innovation and achieve accelerated growth of the company.”
About COMRAD Medical Systems
COMRAD Medical Systems is New Zealand’s leading provider of radiology information systems. The company was established in 1987, with offices in Christchurch, Auckland and a distribution office in Australia. COMRAD’s flagship product is COMRAD2, a fully featured Radiology Information System (RIS), which meets all the information technology needs of modern radiology departments or practices. For more information visit www.comrad.co.nz.
About The Savage Group
The Savage Group, headed by Roy Savage, is a family owned private investment company that has considerable experience of directing investment towards industrial, importing and software companies. The Group’s interests has traditionally focussed on industrial companies such as the New Zealand Safety Group and Waiwhetu Distributors, and today is diversifying investment with more innovative companies that include, amongst others, COMRAD Medical Systems.
About Mark Bowman, Independent Board Chairman, COMRAD Medical Systems
Mark Bowman has accomplished an outstanding career in developing, growing and leading technology businesses in both domestic and international markets. In recent years Mark has provided successful definition and execution of growth strategies for different organisations, including Navman, HP and Hitachi Data Systems. He has extensive and detailed knowledge of many facets of the technology industry – from product development and manufacturing through to service provision and sales management.