Growth Story: 4 Ways Diagnostics



Investment date

June 2015

At a glance

  • 100% 2-year earnings CAGR

  • 4x EBITDA growth

  • 6x cost multiple on exit


4Ways is the UK’s fastest-growing tele-diagnostics provider. Through their highly advanced technology platform, they manage and support a network of leading UK radiologists, assisting with diagnostic tasks.

Volumes of medical images had been increasing rapidly, in-step with the rising demand for healthcare services generally. Coupled with funding constraints in the UK, a growing need existed for more efficient and effective diagnostics technology. Synova’s expertise of delivering tech-based solutions within this environment made us a perfect fit for a partnership with 4Ways’ CEO, Ajay Chadha.

We built a strong bond with Ajay over quite some years before we invested alongside him. Crucially, we bought into his vision for the Company, and provided key operational and strategic support during this early phase. This included the appointment of a new Chairman, who offered the experience necessary to take the Company to the next level.


Our targets for organic growth stemmed from two areas – expanding the customer base, and increasing reporting volumes. But first, we assisted in supplementing the professional team, allowing the Company to maintain its high standards throughout the process of scaling up. This was complemented by an investment in a new technology platform.

Together, we broadened the Company’s diagnostic capabilities by developing reporting for adjacent disciplines, such as cardiology, dermatology, and pathology. This enabled us to enter new markets and reach new customers, extending the product’s considerable value to other, promising areas within both the public and private healthcare sectors.


Following impressive growth numbers, interest in 4Ways was high. During our period of ownership, we instituted financial and trade buyer engagement programmes. Ultimately, we chose to sell our shares to a highly established private equity firm, ECI Partners, at 6x cost. This enabled Ajay and his team to continue their journey, and to build on the success we shared during our partnership.

“Synova’s collegiate approach, experience, and continuous support for investing in our people and technology helped us to deliver on our potential, and position ourselves for the next stage of our development. They were true partners to me and 4Ways.”

– Ajay Chadha, CEO

What next?

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