1st Feb 2016 09:41
LONDON (Alliance News) - Kainos Group PLC on Monday said it has entered into an agreement to acquire 10% of medical diagnostic hardware and software supplier Cirdan Imaging Ltd.
The IT provider said it will invest GBP0.9 million as part of a Series B fundraising of GBP3.5 million.
Cirdan is headquartered in the UK and also has offices in Canada and Australia. It designs, manufactures and supplies software and imaging services for medical diagnosis. In 2013, it acquired the ULTRA Laboratory Information System from GE Healthcare, bringing with it a blue-chip healthcare customer base in the US, Canada, Australia and the Middle East.
Kainos said its investment will enable Cirdan to invest further in the development of the ULTRA product, while Cirdan could become a reseller of Kainos' Evolve service in the US, Canada and Australia.
"We are delighted to have made this investment in Cirdan, which is a fast-growing and exciting medical diagnostics business. Cirdan has already established a strong customer base and, by working in tandem, we will be able to promote Kainos' services and products, while helping Cirdan further develop its unique ULTRA proposition. Our close relationship will open doors for both businesses, creating interesting new growth opportunities," Chief Executive Brendan Mooney said in a statement.
Shares in Kainos were trading down 0.8% at 220.00 pence on Monday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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