MELBOURNE, AUSTRALIA: Alcidion Group Limited has signed a binding share purchase agreement (SPA) to acquire 100% of the issued capital in Silverlink PCS Software Ltd.
The acquisition price for Silverlink is £30 million (A$55.5m) upfront in cash, with a further £3 million (A$5.5m) subject to earn-out based on successful renewal of select customers prior to 31 March 2024. At completion of the transaction, appropriate net working capital and net debt adjustments will also be made as is customary for a transaction of this nature.
Completion of the transaction is expected to occur on or around 15 December 2021.
Concurrently, the company is raising A$55 million via a placement, and underwritten accelerated non-renounceable entitlement offer to institutional and retail shareholders.
Kate Quirke, Alcidion Group Managing Director said: “This acquisition is very exciting for Alcidion and clearly aligns with our acquisition strategy of expanding our product offering, increasing our UK market presence, and providing a positive contribution to our financial performance. We welcome the Silverlink team of 11 staff who together with our own senior leadership team have decades of product development, sales, and implementation experience in Patient Administration Systems (PAS).
“Combining Miya Precision with Silverlink PAS product reinforces our commitment to the UK market. Together we will support the open availability of data to ensure our healthcare systems are well equipped to address the challenges ahead. These aligned objectives make this partnership a perfect fit.”
Lynette Ousby, UK Managing Director added: “We are excited to bring on board the skills, experience and technology of the Silverlink team, which complements the work we have been doing at Alcidion with our Miya Precision platform. We believe together we have a compelling and differentiated offering that effectively addresses the modular EPR approach of the NHS.“
Founded in 1994, Silverlink is one of the last remaining specialist PAS providers servicing the UK NHS market, with their flagship product, Patient Case System (PCS).
PCS is recognised as being a flexible, cost-effective PAS that can easily integrate with other clinical systems to support a ‘specialist modular system’ approach, enabling the benefits of a full EPR without single supplier lock-in.
