Bentley Acquires Qmedics and Plans IPO

April 21, 2023—Bentley InnoMed GmbH, headquartered in Hechingen, Germany, announced three significant developments: the company has bought its main supplier, Qmedics AG; it plans to go public under a new Swedish holding company; and it is initiating an incentive program to make its employees shareholders of the new company.

According to Bentley, Qmedics manufactures approximately 80% of the balloon catheters used with Bentley’s covered stents. Bentley is responsible for approximately 70% of Qmedics’ sales. The transaction will be effective on July 3, 2023.

The acquisition will secure Bentley’s central supply chain for balloon catheters. Also, Qmedics’ portfolio of self-expanding stents for peripheral endovascular procedures will accelerate Bentley’s expansion into the field of interventional radiology.

Qmedics is based in Flurlingen, Switzerland, in the canton of Zürich. The company, which has approximately 100 employees, will relocate from Flurlingen to Frauenfeld in the canton of Thurgau in autumn 2023.

Professor Anita Patteet, MD, who will continue to serve as CEO of Qmedics, stated in the Bentley press release, “I am very pleased that the future of Qmedics is in good hands with Bentley. Together we will certainly be able to celebrate further market successes.”

Bentley CEO Sebastian Büchert added, “With the acquisition of Qmedics, we not only ensure the availability of one of our most important components, but at the same time complete our newly created product portfolio for interventional radiology.”

Bentley’s planned initial public offering (IPO) will generate new money for its further expansion and prevent the company from being sold.

Lars Sunnanväder, cofounder of Bentley, stated in the press release, “We look forward to the planned IPO of Bentley because it will not only support further expansion, but at the same time ensures that Bentley remains an independent company in the future.”

Büchert added, “Bentley’s team has been able to achieve a lot together in recent years. Now that our independence is secured for the future, I firmly believe that our success will continue for many years to come. I am also pleased that the positive influence of the Sunnanväder family can also be ensured for the future by handing over the chairmanship of the Advisory Board from Lars Sunnanväder to his daughter Annika.”

The company advised that the planned IPO is intended to be completed on the Swedish stock exchange, which is a part of Nasdaq Nordic, an offshoot of the Nasdaq technology exchange in the United States.

A Swedish holding company set up for the upcoming IPO, which is temporarily called BeThundered AB, will become 100% owner of both Bentley Innomed GmbH and Qmedics AG, which will operate as Bentley’s sister company. The holding company is managed by CEO Sebastian Buchert, CFO Andrew Brabner, and CTO Christian Bader.

The initial pre-IPO step is scheduled for summer 2023. The actual IPO is planned for autumn/winter 2023/2024, depending on market conditions. Under Bentley’s BeShareholder project, the company’s €15 million employee program will allow its 400 employees to become shareholders of the new Bentley Group.

At a town hall meeting on April 21, every employee received a promise to receive shares worth approximately €400 (± €100 euros) per month of their affiliation with the company at the time of the IPO. Bentley will assume the tax burden of the monetary benefit for its employees. The BeShareholder project ensures that employees are rewarded for their good work and continue to benefit from Bentley’s development, stated the company.