Bain Capital Private Equity plans to purchase PartsSource, a business-to-business (B2B) marketplace for medical technology replacement parts and services. Financial details of the private purchase from Great Hill Partners, its present owner, were not made public, according to a Tuesday (July 20) announcement. PartsSource’s present leadership — headed up by President and CEO Philip Settimi, MSE MD — will keep running the company. “We are proud of the progress we have made to transform mission-critical healthcare operations and are excited by the opportunity to continue to expand our marketplace to serve new areas of healthcare,” Settimi said in the announcement.
PartsSource, which is headquartered in Cleveland, Ohio, offers an integrated collection of cloud software and marketplace tools to assist hospitals with procuring on-demand parts and services while helping suppliers expand their operations.
In the present day, PartsSource’s marketplace links hospitals and clinics with medical technology (MedTech) original equipment manufacturers (OEMs) and MedTech repair professionals throughout the nation via one connected network.
The company’s cloud offerings assist hospitals with keeping essential equipment online for more of the time, bolster patient safety and have the highest possible output and profitability, according to the announcement.
Moreover, PartsSource’s PRECISION Procurement tech lets hospitals bolster supply chain visibility, decrease risk and “optimize spend,” according to the announcement.
“We believe PartsSource has [a] clear runway for organic growth and a significant opportunity to broaden the platform and strengthen its offering to customers through strategic acquisitions, product innovation, and international expansion,” Devin O’Reilly, a managing director at Bain Capital Private Equity, said in the announcement.
As PYMNTS previously noted, the pandemic became an age of wake-up calls in all senses of the phrase. These kinds of wake-up calls often came from business disruptions connected with insufficient digitization in the enterprise and insufficient resilience in the supply chain. No sector faced a greater realization as to the importance of these concepts than the healthcare space.
Labviva CEO and Co-Founder Siamak Baharloo previously told PYMNTS that the pandemic ignited an updated procurement and supply chain management roadmap for a sector that has to work with thousands of suppliers in addition to intricate product needs.