ECI Partners Sells Ascribe

EMIS Group has acquired Ascribe for an initial consideration of 57.5 million british pounds (US$91 million), plus a deferred element contingent on performance. The seller was ECI Partners. Ascribe, of the U.K., supplies healthcare IT solutions. Altium provided financial advice to Ascribe.


Bolton-based UK health IT software supplier Ascribe has been acquired by EMIS Group plc for an initial consideration of £57.5m, plus a deferred element contingent on performance.
Ascribe is a leading supplier of healthcare IT solutions.  Over 70% of UK NHS Trusts, as well as healthcare providers in Hong Kong, Malaysia, Australia and New Zealand, currently use Ascribe solutions, which include e-prescribing, pharmacy, mental health, patient administration and A&E systems.
The shareholders of Ascribe, which was previously taken private by ECI Partners from the AIM market in January 2009 in a £33m public to private transaction, were advised by an Altium team comprising Phil Adams, Adrian Reed, Dom Orsini and Liam May.
Stephen Critchlow, CEO of Ascribe, said: “We have enjoyed a long partnership with the Altium team and have found them to be extremely easy to work with. Their combination of a local senior team with extensive international reach has helped deliver an excellent process. We look forward to working as part of the EMIS Group towards delivering improved healthcare solutions for patients”.
David Ewing, Managing Partner at ECI Partners, said: “Altium has provided Ascribe with outstanding Corporate Finance advice. The bespokeprocess design was thoughtful, the marketing materials were carefully crafted and their attention to detail executing the transaction was impressive. TheAltium team did a truly excellent job”.
Adrian Reed, a Managing Director from Altium’s Manchester office, said: “The sale to EMIS is the culmination of a process which began in late 2012. Working in collaboration with our US team, we have run a global process but were delighted that the party which had the best strategic fit with Ascribe in its home territory has ultimately been successful. It has been a pleasure to work closely with both Ascribe’s management team and ECI and we wish the combined entity every success in the future”.
Phil Adams, Chief Executive of Altium, added: “It has been a pleasure to share the Ascribe journey with Stephen, his management team and ECI. When I first met Stephen over 10 years ago the business was very early stage having just raised investment from some business angels. Subsequently we introduced ECI to Stephen and advised on the successful public-to-private of the Company. What has been a constant theme throughout the Company’s progress has been the management team’s vision of improving healthcare for patients, which has resulted in an intense focus on product development and delivery. The combination of the Ascribe business with EMISshould enhance benefits to patients all over the country and drive further growth and better healthcare”.