Midven exits ScriptSwitch

Midlands-based VC firm Midven has sold ScriptSwitch to United Health UK, part of United Health Group, a US quoted global health and wellbeing company for an undisclosed sum.

Coventry-based ScriptSwitch is a provider of software designed to support GPs with patient safety information, drug switch recommendations and dosage optimization information at the point of prescription. ScriptSwitch’s technology is currently used in 60% of primary care organizations in the UK.

Midven initially invested in ScriptSwitch in 2003 through its Advantage Growth fund when the company was focusing on product development, had minimum sales and was without a complete management team.

The £17.5m Advantage Growth fund was launched in February 2003 by Advantage West Midlands to invest venture capital in small and medium enterprises in the West Midlands.

CEO of Midven, Tony Stott said: “This transaction is evidence that returns can be made from investing in start-up technology businesses and demonstrates that when managed appropriately by an experienced and focused fund manager the Government backed Regional Venture Capital Fund model should generate good returns for its investors.”