Fri, 13 Sep 2013 | BUSINESS SALE
Healthcare software provider EMIS Group, part of ECI Partners, has acquired Bolton-headquartered Ascribe Group.
The business sale has been conditionally approved for £57.5 million in a deal that is expected to deliver “significant growth prospects” for the business.
Ascribe sells IT systems for pharmacy, administration and accident and emergency use to the NHS and overseas health service providers. It recently posted an operating profit of £4.3 million.
EMIS is paying for the company's share capital, which is valued at £12.5 million. However, it is also paying £40.4 million for the firm's outstanding loan notes and preference shares and a further £4.6 million to cover external bank debt.
The buyer operates in a similar sector, providing clinical software and related services to GP practices and other healthcare practitioners.
Chief executive of Ascribe, Stephen Critchlow, commented on the deal: “Our shared vision is for patients to benefit from all the information collected about their health and care across primary, secondary, social and community settings.
“Combining our integrated cross-organisational products and services will enable us to offer a unique proposition that benefits customers both in the UK and overseas."
He added that the firm sees EMIS as a “natural partner to take the Ascribe business to the next stage of its development”.
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