28th Aug 2014 10:03
LONDON (Alliance News) - Craneware PLC said Thursday that it has acquired the assets and intellectual property of Scottish technology company Kestros Ltd in a deal worth up to GBP1.25 million.
The automated revenue integrity services provider for the US healthcare market said the acquisition will provide Craneware with a technology platform in the patient access market, in order to address the "growing level of consumerisation within Healthcare."
Craneware will acquire the company for a maximum of GBP1.25 million, which will be adjusted according to revenue milestones, with GBP150,000 of the consideration being paid in cash with the remainder paid in new Craneware equity, said the AIM-listed company.
"Kestros has established early market entry into the growing area of mobile technology and patient connectivity within the Healthcare industry," said Craneware in statement. Through the acquisition, Craneware will provide funding for further development of technology from its current use in a select number of NHS Trusts to broader use in the Healthcare market.
Craneware said it will integrate the Kestros technology with its existing Medical Necessity technology within its Patient Access product group.
"The governments in both the US and the UK are pushing for greater IT links between patients and healthcare providers, meaning both markets are highly receptive to innovative technologies such as Kestros'. This investment will... give us the platform for our first Gateway product in this area" said Chief Executive Officer Keith Nelson.
Shares in Craneware were Thursday morning trading 1.92% lower at 510.00 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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