ACS raises 43.75m to fund further acquisitions
ADVANCED Computer Software, the healthcare IT services provider, said yesterday it had conditionally raised £43.75m in a share placing to provide funding for future acquisitions.
The placing of 145.25m shares at a price of 30p a share was handled by Seymour Pierce and Mirabaud Securities.
ACS said it now has over £55m in the bank to “pursue its goal of becoming the leading consolidator in the primary care IT market”.
“There are numerous opportunities to consolidate the fragmented and undeveloped IT infrastructure within the NHS and these additional funds give us the capability to implement our strategy more quickly,” said chief executive Vin Murria.
The firm bought rival Adastra in August 2008 and has continued on the acquisition trail this year. Earlier this month, it announced its intention to make an offer for Business Systems Group at £15.5m.