Acquisition of Pinbellcom Group Limited
The Board of EMIS Group, the UK leader in connected healthcare software and services, is pleased to announce the acquisition of Pinbellcom Group Limited ("Pinbellcom"), a leading supplier of administration and compliance software to both the primary and the secondary care markets, from its founders for £3.0m net of cash acquired. The acquisition is in line with the Group's strategy of providing connected healthcare IT for patients and those involved in their care.
Pinbellcom supplies a proven web based product suite designed to improve efficiency through communication and knowledge sharing within primary and secondary care. Pinbellcom's products include the multi award winning Intradoc247 providing GP practices, GP Federations and Clinical Commissioning Groups (CCGs) with a comprehensive intranet administration and compliance platform.
Pinbellcom was established in 2005, has 12 employees and operates from offices in Leeds. The business will be immediately integrated into Egton, the Group's Engineering, Hardware and Solutions division.Edward Bellamy, founder and director, will join Egton's management and become head of its pre-existing Web Services team. The other founders, Ian Pinder and David Coverdale, will be retiring with immediate effect.
The purchase consideration, net of cash acquired, amounts to £3.0m, payable in cash from the Group's existing resources. For the year ended 31 March 2015 Pinbellcom's adjusted profit before tax was £0.4m with revenue of £1.2m, including strong recurring revenues. The acquisition is expected to be immediately earnings enhancing.
Chris Spencer, CEO of EMIS Group, said:
"This acquisition further enhances our product suite for primary and secondary care. These new products also support efficiency gains by providing a single point of access for all administration, process and management functions."