EMIS makes £57.5m acquisition

The Leeds-based firm, which provides clinical software and related services to GP practices and other primary and community healthcare practitioners, has conditionally agreed to acquire Ascribe Group from ECI Partners and certain other vendors.

It said the deal represented a milestone for its business that would deliver “significant growth prospects”.

Bolton-based Ascribe sells pharmacy, administration and accident and emergency systems to the NHS and overseas.

Ascribe, which has a revenue of £24m and an operating profit of £4.3m, was listed on AIM but ECI Partners took the company off the stock exchange in a £33m transaction in 2009.

The acquisition values Ascribe’s share capital at £12.5m but EMIS is also paying £40.4m to acquire outstanding loan notes and preference shares. A further £4.6m is being paid to cover external bank debt.

EMIS is covering the cost from a £32m debt facility with Yorkshire Bank and a £27m fundraising with Numis Securities.