Private equity firm ECI Partners has sold healthcare IT provider Ascribe to another specialist, clinical software supplier EMIS, for £57.5m.
David Ewing, managing partner at ECI, said the formerly AIM-listed firm had been bought in 2009 for £33m with the understanding that it would be able to take advantage of the government's big-ticket NHS National Programme for IT.
"As such, Ascribe's strategy was to invest heavily in software development to take advantage of this forecast market change," he said.
Ascribe has managed to grow its sales and orders strongly, Ewing said, enabling ECI to enjoy a good return for its investment.
About 75 per cent of the UK's NHS Trusts as well as healthcare providers in Hong Kong, Malaysia, Australia and New Zealand use Ascribe offerings in areas including e-prescribing, pharmacy, mental health, patient administration, and A&E systems, according to the company's website.
Stephen Critchlow, chief executive officer of Bolton-based Ascribe, a Microsoft partner, claimed the EMIS acquisition will help it enter even more new markets.
"ECI has provided us with the support and guidance to help us grow our business in the UK and also to expand overseas," he said.
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