13th Sep 2013 08:34
LONDON (Alliance News) - EMIS Group PLC said Friday that it had conditionally agreed to acquire software and IT services provider Ascribe Group Limited for up to GBP60.5 million.
Alongside this transaction EMIS Group said that Numis Securities Limited had placed 4.4 million new shares a price of 615 pence per share, raising GBP21.7 million to help fund the acquisition, which will have an initial consideration of GBP57.5 million.
Further cash payments of up to GBP3.0 million may be paid in September 2014 depending on Ascribe's performance. Ascribe reported revenues of GBP24.0 million in the year ended June 30 2013, and an operating profit of GBP4.3 million.
Emis, a clinical software company for GP practices and the healthcare industry, said it expects the acquisition to be earnings enhancing in the first full year after completion.
Emis's shares were down 3.5% at 640.00 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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