Paris, July 3rd, 2024

Extens, the software investor for healthcare, announces the sale of Must to Orisha, a European software publisher dedicated to the healthcare, retail, real estate, construction, and agritech sectors, backed by TA Associates. With the support of Extens, Must has established itself as a key leader by developing a comprehensive offering exclusively dedicated to home healthcare service providers.

Founded in 1991 and based in Limoges, Must is a publisher of specialized software solutions that enable comprehensive management tailored to the specific needs of home care, respiratory assistance, orthopedics, and infusion, nutrition, and insulin therapy. Today, the company employs nearly 100 professionals, serves over 1,100 clients and generates revenues of EUR 10 million.

Since the initial investment in April 2017, Extens has played a crucial role in the development of Must, supporting the company in its strategic initiatives and expansion. In 2021, Extens reinvested alongside BNP Paribas Développement, enabling Must to continue its growth in France and strengthen its market position in management solutions for home healthcare service providers.

Thanks to Extens’ operational and strategic support, Must has maintained its technological and functional lead. Today, the company holds the top position in each segment within home healthcare services, with a 40% market share in respiratory assistance, 20-30% in infusion, nutrition and insulin therapy, 40% in home care, and 30% in orthopedics.

Laurent Urien, President of Must, states: “We are delighted to join the Orisha Group, a leading player in management solutions for healthcare professionals. This combination will allow us to strengthen our current offering while benefiting from Orisha’s resources and expertise to accelerate the development of our innovative solutions, such as Must One, which is scheduled for launch by the end of 2025. We share a common vision of the importance of home care and look forward to working together to continue supporting our clients in their daily missions.”

Jacques Ollivier, CEO of Orisha, adds: “The acquisition of Must represents a key step in our development strategy, particularly in the home care segment. Must brings in-depth expertise and a loyal client base that perfectly complements our current portfolio. Together, we will be better positioned to meet the growing needs of healthcare professionals for integrated and innovative management solutions. We are excited to welcome the entire team to offer even more comprehensive services to our clients.”

Quentin Jacomet, Managing Partner of Extens : “We are proud to have contributed to the rise of Must and look forward to its continued success within the Orisha Group. This operation, emblematic of Extens‘ approach as a specialist investor, demonstrates the added value brought to the companies and leaders we support.”

Alexandre Odin, Partner at DDA & Company concludes “Joining forces with Orisha was almost an obvious choice, as the organization, strategy and DNA are so compatible. We are delighted for the Must team, who are joining a very dynamic group with which we see a lot of potential and synergies”