22nd Jun 2005 07:04
Ascribe plc22 June 2005 22 June 2005 Ascribe plc (Ascribe) makes further strategic acquisitions in medicines management IT The Board of Ascribe, the health IT group focusing on medicines management,announces today that it has further strengthened its market position inmedicines management IT by acquiring Park Systems Limited ("Park"), the largestindependent supplier of retail pharmacy computer systems in the UK, for amaximum consideration of £0.4 million. The consideration will be satisfied by amixture of cash and new ordinary shares. Park Systems was founded in 1981 and rapidly expanded to become one of today'sleading producers of high-quality, easy to use, retail pharmacy systemsincluding labelling, (EPoS - Electronic Point of Sale) and PMR (PatientMedication Records). The system is used in all aspects of retail pharmacythroughout the UK and worldwide. Significantly, Park's PMR equipment allowspharmacists to view a patient's historic and current medication records toensure that that they receive the correct prescriptions, much in the same way asAscribe's software solutions for hospital pharmacies through its subsidiary ASCComputer Software Limited ("ASC"). Following the completion of the acquisition, Liverpool-based Park Systems willimmediately move to Ascribe's Bolton Headquarters where it will merge with ASC.The Board anticipates that this will result in significant synergies for theenlarged division with the use of one software solution for both markets. For the year ended 31 March 2005, Park reported sales of £246,000 with a smallprofit. Commenting, Stephen Critchlow, Chief Executive of Ascribe, said: "Thisannouncement is a further example of how Ascribe continues to deliver on itsstated growth strategy of expanding the Company's business activities incomplementary areas of medicines management IT. Park is a successful, marketleading company in retail pharmacy solutions, which is a core component of theoverall market we address." In addition, Ascribe also announces today that it has acquired Archive Limited,a supplier of software to its Protechnic Exeter subsidiary for a maximumconsideration of £107,000. This follows the successful acquisition of Footman Walker on 23 May 2005, amarket leading supplier of clinical information systems into Accident &Emergency and minor injury units for £2.6 million. Contacts: Ascribe plc Tel: +44 (0) 161 280 8080 Stephen Critchlow Chief Executive Jeremy Lee Tel: +44 (0) 161 280 8080 Group Finance Director Citigate Dewe Rogerson Tel: +44 (0) 207 638 9571 Ginny Pulbrook Justin Griffiths Notes to Editors: Ascribe is a health IT group focusing on medicines management through thedevelopment and marketing of software solutions supporting patient, clinical andbusiness processes to the international healthcare market. The Group consistsof ASC Computer Software Limited, a software supplier to hospital pharmacydepartments internationally and Protechnic Exeter Limited, a provider ofsoftware solutions to the primary healthcare market. Ascribe joined AIM on 17December 2004 raising £5.5m before expenses. The software produced by Ascribe addresses the Audit Commission report 'ASpoonful of Sugar' published in 2001, which identified potentially up to 1,200lives and £500 million per year from certain medication errors in UK hospitalsalone could be saved using clinical information systems. Ascribe's systemenables pharmacists to store information about the patients they treat and usethis information to assist in their decision-making. The system also integrateswith stock control procedures. The latest web based product has further enabledtechnology to link the information between customers building a solution wherethe risk of the above medication errors can be reduced. Protechnic Exeter supports those who provide care within Primary Care,Community, Mental Health and Social Care. Its ePEX software is widely usedthroughout the United Kingdom and Ireland to provide specialist mental healthsystems to support the administration, clinical management and informationactivities of the Trusts; and child care systems for interactive scheduling forvaccinations, immunisations and surveillance, providing a longitudinal record ofpatients from birth into adulthood for all community services. Its Exetersoftware is widely used by UK GP practices. After considerable investment in web based solutions, the Group's strategy is touse this software to enhance its offering, initially to Protechnic Exetercustomers and then to customers of other acquisitions as they are completed andintegrated, delivering a Group capable of addressing the whole medicinesmanagement market. For further information, please visit: www.ascribe.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
ASP.L