Alcidion (ASX:ALC) Acquires ExtraMed and $17.9m Capital Raise
Henslow is pleased to have acted as Corporate Advisor to Alcidion (ASX:ALC) on the acquisition of ExtraMed Ltd, a UK provider of patient flow management software that helps address key pain-points for hospital administrative staff. Concurrent with the acquisition, Henslow acted as Lead Manager to raise $17.9m, with funds being used to restore cash reserves following the purchase of ExtraMed and ensure Alcidion has sufficient investment funds and working capital to continue its growth strategy.
Alcidion have delivered strong organic growth in FY21 (with sold revenue up 33% as of Q3), with the acquisition of acquisition of ExtraMed only further accelerate this growth profile. The acquisition will add nine NHS Trusts (6 being new to Alcidion), expanding their NHS presence to 27 Trusts or ~19% of target Acute NHS market, with upside revenue potential on cross sell opportunities for Miya (their flagship product).
As part of their strong growth momentum, Alcidion also announced they have been selected, as part of a Consortium, as the preferred provider for major healthcare IT project to capture data and support clinical decision making across the Australian Defence Force. This is a major validation of their Miya platform and provides a reference site for other potential state / federal contracts, not to mention having a potential total contract value of $21m over 5.5 years.
Alcidion is transforming healthcare with smart, intuitive and complementary software products and services that create a unique offering in the global healthcare market; solutions that support interoperability, allow communication and task management, and deliver clinical decision support at the point of care to improve patient systems.
The successful transactions (both the acquisition and capital raise) provide a further example of Henslow’s ability to partner with exciting growth companies and provide combined and complementary M&A and equity markets services.
Having worked with Alcidion since 2018, we look forward to building upon our relationship as they continue their progression of becoming a leading global healthcare organisation.
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