22 October 2007 - Ascribe plc (AIM:ASP), the health IT Group, today announces that it has acquired Scorpio Information Systems Limited (“Scorpio”), a supplier of clinical information management systems to the UK National Health Service (“NHS”). Scorpio has developed over thirty clinical modules for hospital departments and patient care; these include endoscopy reporting, maternity, eye-unit casualty and oncology clinics, which are in use at twelve NHS hospitals.
This acquisition enables Ascribe to expand its Group offering with a greater range of comprehensive patient-centric information management systems, all of which are capable of securely feeding information into patients’ electronic health records. The Ascribe Board expects to cross-sell Scorpio’s systems to other customers of the Group.
Scorpio will continue to develop clinician-focused modules that address the healthcare IT requirements of modern hospitals. Scorpio’s solutions are underpinned by their ability to communicate health data efficiently and their faithful adherence to consistent best practice in a healthcare environment – from data collection through to the establishment of individual patient care pathways. The additional resources of the Ascribe group will enable Scorpio to extend its own suite of healthcare solutions.
The total consideration of £1.31m, including payment for approximately £600k cash in Scorpio at completion, was satisfied by the payment of £0.88m cash and by the issue of ordinary shares in Ascribe plc to the value of £0.43m. In its last statutory accounts, Scorpio reported turnover of £0.52m and an operating profit of £0.24m. The Board believes that this acquisition will be earnings enhancing during the first year.
Stephen Critchlow, Executive Chairman of Ascribe commented, “I am delighted with this acquisition; Ascribe and Scorpio share a fundamental approach towards product development. We have both focused our software on improving patient safety and supplying robust, integrated systems that quickly and easily deliver the decision critical information required by clinicians. Furthermore, having spent the 16 months since our last purchase developing an integrated business platform into which we can rapidly consolidate future acquisitions, we expect Scorpio to be both earnings enhancing and capable of stimulating further organic growth within a relatively short period.”
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For further information, please contact:
| Ascribe plc | ||
| Stephen Critchlow, Executive Chairman | ||
| www.ascribe.com | Tel: +44 (0) 870 053 4545 | |
| Jeremy Lee, Finance Director | ||
| www.ascribe.com | Tel: +44 (0) 870 053 4545 | |
| Ian Soanes | isoanes@cenkos.com | |
| www.cenkos.com | Tel: +44 (0) 20 7397 8900 | |
| Media enquiries: | ||
| Abchurch | ||
| Stephanie Cuthbert / Justin Heath | justin.heath@abchurch-group.com | |
| www.abchurch-group.com | Tel: +44 (0) 20 7398 7700 |
Notes to editors
About Scorpio Information Systems Ltd.
Scorpio is a highly innovative developer of healthcare IT systems that focus upon the needs of the clinician and the delivery of high quality, robust, software solutions.
Founded by Alan Hales in 1999, the company has developed a range of hospital departmental systems, ranging from Endoscopy Reporting Systems to Maternity, and Cancer Care. All the modules are able to feed information into a Hospital’s Patient Administration System and contribute to each patient’s Electronic Health Record (EHR).
About Ascribe
Ascribe plc is a leading healthcare company that develops and markets software solutions supporting patient, clinical and business processes to Primary & Secondary healthcare providers in the UK and overseas.
Ascribe is committed to providing technologies that improve patient safety standards and the company’s solutions directly improve patient care and deliver financial savings to customers. The Group sells directly to hospitals and Primary Care Trusts rather than through centrally driven political initiatives.
The Group provides solutions to clinical professionals in all healthcare sectors; customers include Emergency and Minor Injuries Units, Mental Health and Social Care Units, Hospitals requiring patient administration systems (PAS) and medical equipment management, Hospital and Retail Pharmacies, and General Practice surgeries. Offering patient and decision support information to these clinicians in context with their activity is the key to the company’s ongoing success.
Ascribe plc was floated on AIM in 2004, and currently employs over 220 personnel through its operating companies in the UK, Kenya, Australia and New Zealand. For more information, please visit www.ascribe.com.
© Ascribe 2007. Ascribe is a registered trademark of Ascribe plc. All other brands and product names and trademarks are the registered property of their respective companies.
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