Yet another vote of confidence in the future of aged care.

Australian diversified alternative asset management firm, Tanarra Capital, has acquired a majority stake in software developer Health Metrics.

Founded by CEO Steven Strange (pictured above) and Lisa Papettas in 2008, Health Metrics now has over 170 clients across residential care, retirement villages, home care, disability care and primary healthcare in Australia and New Zealand.

Steven and Lisa will maintain an ownership stake in the company and continue to lead the business, while Tanarra’s lead data scientist, Hani Fayed, will assist Health Metrics in driving the use of data and analytics to improve client outcomes.

“I’m very excited to have a partner with the strength of Tanarra backing our vision,” Steven said. “It will give us the impetus to accelerate our growth plans into a whole new realm of solutions and support for the Health & Social Care sector. Our goal is to be the clear market leader in a sector that needs what we provide more than ever.”

Tanarra was founded by leading investment banker John Wylie and now has $1.7 billion in assets under management across private equity, private credit, venture capital and selected strategic investments in public companies including dairy company Barambah Organics and workforce management software group INX Software.

Health Metrics represents its fourth private equity investment under its current mandate and was led by Tanarra’s Maja Sliwinski and David Wright.

“We have been actively looking to invest in the space and we are delighted to invest in the best-of-breed technology,” Ms Sliwinski said.