Ascribe gets £1.3 million sting in its tail

Ascribe, a provider of IT services to the health sector, has bought Scorpio Information Systems for £1.31 million.


Ascribe, a provider of IT services to the health sector, has bought Scorpio Information Systems for £1.31 million.

Ascribe, a provider of IT services to the health sector, has bought Scorpio Information Systems for £1.31 million.

The acquired firm supplies clinical information management systems to the National Health Service (NHS) in 12 hospitals. The deal amount was made up of £880,000 cash and the remainder in shares issued in Ascribe.

Ascribe expects the acquisition to be earnings enhancing in the next 12 months. Scorpio, established in 1999, has a turnover of £520,000 and an EBITDA of £240,000.

Scorpio has developed more than thirty clinical modules for hospital departments and patient care including endoscope reporting, maternity, eye-unit casualty and oncology clinics.

Ascribe floated on AIM in 2004 and employs more than 220 personnel through its companies in the UK, Kenya, Australia and New Zealand. Its market capitalisation is £44.8 million, with a £15.3 million turnover and a pre-tax profit of £1.7 million.

Marc Barber

Marc Barber

Marc was editor of GrowthBusiness from 2006 to 2010. He specialised in writing about entrepreneurs, private equity and venture capital, mid-market M&A, small caps and high-growth businesses.

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