Orange has pledged to invest in the Digital Health 2 (DH2) fund of LBO France — a major player in the private equity sector in France.
The investment will be made through its Orange Digital Investment holding and will contribute to the development of innovative eHealth companies in France and Europe.
WHY IT MATTERS
This move is a boost for Enovacom, the health division of Orange Business Services, to achieve its ambition of becoming one of France’s leading digital health companies.
According to a press release, the Orange Group sees an opportunity to consolidate its privileged access to the innovative eHealth ecosystem by investing in a dynamic fund, managed by a recognised management team.
The initiative aims to enable the development of more operational synergies in pursuit of innovation for both the holding companies and investors.
THE LARGER CONTEXT
Orange announced earlier this year that it would integrate its healthcare business with health data exchange software company Enovacom, which was acquired by Orange Business Services in November 2018.
Enovacom has partnered with Wirral University Teaching Hospital to provide its interoperability platform connecting life-critical ventilators to the electronic health record. It also works as an international partner with Oxford Health NHS Foundation Trust.
ON THE RECORD
Valéry Huot, partner, head of venture at LBO France, said: “We are very pleased with the confidence that Orange has placed in us. The presence of a global operator, integrator of digital services, and a pioneer in eHealth within the DH2 fund, is a definite advantage for the portfolio companies. Enovacom will also inevitably promote the co-construction and growth of innovative companies capable of becoming world champions of eHealth.”
Laurent Frigara, deputy CEO of Enovacom (Orange Business Services), said: “The adventure continues with DH2 (LBO France), a fund in which, together with the operational team, we have found a real understanding of our common challenges when it comes to eHealth. We are convinced that DH2’s management team will be able to identify and support the hidden gems of the eHealth industry to make companies both currently in the portfolio and those of tomorrow major players in eHealth. This investment in DH2 will enable Enovacom to strengthen the ecosystem, accelerate synergies and build alliances to address eHealth issues.”
Maï de la Rochefordière, deputy CEO of Orange Digital Investment, said: “Beyond the expected financial performance of the investment and its contribution to the dynamism of the eHealth market, the prospects for cooperation with all DH2 stakeholders should support the development of the group’s offerings in this area, and in particular those of the new health division of Orange Business Services, led by Enovacom.”