Carasent acquires InfoSolutions and deepens its moat significantly
On paper, paying 2.8x ARR for a breakeven business looks like a standard, unexciting bolt-on. Here is why acquiring InfoSolutions is a textbook example of how to widely deepen an already deep moat.
This morning, Carasent announced the acquisition of InfoSolutions Sverige AB for an Enterprise Value (EV) of SEK 115 million. InfoSolutions is the leading software provider connecting Electronic Health Record (EHR) systems with laboratories and radiology clinics across Sweden.
While bolt-on acquisitions are a familiar part of the SaaS playbook, this specific deal stands out for its strategic fit. Rather than simply buying a new customer base, Carasent has also acquired a deeper moat. The stock market has sensibly rewarded the share price today, with a small rally (+7% as of now).
Here is my take on the strategic rationale, the impact on Carasent’s moat and the valuation logic.
Strategic implications and moat expansion
Most clinics frequently need to order blood tests, tissue samples, or imaging diagnostics (like X-rays and MRIs). While public regional EHRs are usually hardwired directly to regional labs, private clinics rely heavily on third-party software, in Sweden predominantly InfoSolutions, to order, track, and display these results inside their own EHRs.
By bringing InfoSolutions in-house, Carasent achieves two major strategic victories:
Deepening the switching costs: InfoSolutions connects over 1,500 healthcare providers with more than 30 laboratories and 40 radiology clinics throughout Sweden. By controlling this critical integration network, Carasent makes its core platform (Webdoc) exponentially stickier. A clinic might consider switching its EHR, but untangling the seamless lab and radiology routing that Carasent will now control becomes a massive operational headache.
Owning the Ecosystem: Carasent’s CEO, Daniel Öhman, noted that InfoSolutions plays an “absolutely critical role” for Swedish private healthcare providers. Integrating this capability directly into Carasent’s platform shifts the company from being just a system of record to a true ecosystem hub, ensuring smoother interaction between clinics and the broader healthcare industry.
Valuation and financial impact
Carasent is paying an Enterprise Value of SEK 115 million for InfoSolutions. The deal is structured sensibly: 90% is paid in cash, utilizing Carasent’s strong balance sheet, while the remaining 10% is paid using repurchased Carasent shares valued at SEK 23.74 (based on a 90-day VWAP).
Looking at the numbers from 2025, InfoSolutions generated SEK 67 million in total revenue, with approximately SEK 41 million coming from recurring revenue streams.
EV/Sales: ~1.7x (based on SEK 67m total revenue)
EV/ARR: ~2.8x (based on SEK 41m recurring revenue)
On the surface, paying roughly 2.8x ARR for an established, market-leading network asset is a very attractive multiple. The catch? InfoSolutions operated at roughly breakeven profitability in 2025, generating an EBITDAC of around SEK 0 million.
However, this is where Carasent’s operational leverage comes into play. Management explicitly stated that they expect InfoSolutions to achieve the same strong margin potential as the rest of the group’s product portfolio. Consequently, Carasent is keeping its long-term organic growth and margin targets completely unchanged. The implication is clear: Carasent believes it can extract significant operational synergies and drive InfoSolutions’ margins up to the group’s target levels (35% EBITDA by 2028) through scale and cross-selling.
The bottom line
This is exactly the type of acquisition you want to see a vertical SaaS company make. It is not a costly gamble on a new geography or an unproven product (like Carasent of the past). Instead, it is a targeted strike to acquire a mission-critical piece of the Swedish healthcare infrastructure.
By owning the dominant network connecting clinics to laboratories and diagnostic centers, Carasent has widened its moat, improved its value proposition to existing Webdoc users, and deployed its cash pile at an attractive valuation multiple.