Hewitsons’ Corporate team has successfully advised long-standing Cambridge-based client, Digital Healthcare Limited, on its £3m acquisition by the EMIS Group plc.
Digital Healthcare Limited is a leading provider of diabetic retinopathy screening and other ophthalmology related solutions to community clinics, mobile units, specialist ophthalmology departments and practitioners. It employs 35 staff in Cambridge, all of whom are expected to remain with the business following its acquisition by EMIS.
The move is perfectly in line with EMIS’ stated strategy of providing cross-organisational healthcare systems. It provides EMIS Group with a strong position in a profitable niche market adjacent to EMIS Group’s core presence in GP and Community Pharmacy systems. The purchase consideration, net of cash acquired, amounted to £3.1 million, payable in cash from the Group’s existing resources. The acquisition is expected to be earnings enhancing in a first full year of ownership by EMIS.
Digital Healthcare was previously majority owned by a number of venture capital investors.
The Hewitsons team was led by corporate partner Neil Harpham, who commented: “The transaction required some intense activity on our part over a relatively short space of time in order to meet the commercial objectives of the multiple parties involved. This was made possible by the close collaboration of Hewitsons’ multi-disciplinary teams in its Cambridge and Northampton offices.
“We wish the management team at Digital Healthcare well as they embark on this exciting new chapter in the Company’s development.”
For more information, please contact Neil Harpham on 01604 233233 or click here to email Neil.