3 July 2013 – Acquisition
Software and IT services group Ideagen has acquired MSS Management Systems Services Ltd, a leading supplier to the NHS. MSS supplies ‘Patient First’, an information management solution which supports A & E departments in its everyday practices. This is used in some of the largest A & E departments across the country and manages 1.8m attendances in A & E departments per annum across 10 Acute Trusts in England. In the year to 31 March 2013, MSS generated revenues of £500k of which £300 were of a recurring nature and earnings before interest and tax were £144k. MSS is being acquired for initial cash consideration of £589k with a further £50k being deferred for 12 months and additional payments of up to £540k depending on MSS revenues to 30 April 2014. The acquisition will be immediately earnings enhancing and this is a positive move for Ideagen as it expands its range of operations. BUY.