Aquiline’s Everfield adds Blue Bridge Technologies

BaltCap Latvia Venture Capital Fund and minority shareholders sold the Latvian company.

  • Blue Bridge is an IT systems developer for the Latvian healthcare and insurance sectors
  • Everfield buys and builds founder-owned vertical software companies in continental Europe
  • Blue Bridge has three main lines of business

Aquiline Capital Partners portfolio firm Everfield bought 100 percent of Latvian medical practice management systems provider Blue Bridge Technologies.

Everfield bought the company from BaltCap Latvia Venture Capital Fund, also taking shares from Imprimatur Capital and other minority shareholders.

Riga-headquartered Blue Bridge is one of the leading developers of IT systems in the Latvian healthcare and insurance sectors, according to a release from the firms. It has three main lines of business: an electronic medical record system for providers; an electronic processing system for insurance claims and settlements; and a patient portal. It was founded in 2007.

Everfield is a holding company, formed by Aquiline, to buy and build founder-owned vertical software companies in continental Europe. It is headquartered in Cologne.

The firm falls under Aquiline’s private equity strategy, which buys platform companies with $75 million to $2.5 billion enterprise value, and add-ons “of all sizes”. Its equity investments are $50 million to $350 million and can be majority or minority ownership. It is based in New York and London.

BaltCap invests in mid-sized unlisted companies primarily in the Baltic and Nordic countries, often with plans for geographic expansion. Its buyout funds look for controlling stakes and invest €5 million to €20 million of equity per company. It buys companies with enterprise values of €10 million to €100 million.