UK private equity firm ECI Partners has sold healthcare IT company Ascribe to AIM-listed EMIS Group for £57.5m, yielding a 2.1x return on its investment.
Ascribe was taken private by ECI from the AIM market in January 2009 in a £33m public to private transaction.
The deal could also include further payments contingent on short term performance.
David Ewing, managing partner at ECI Partners, said, “We completed the £33m P2P in 2009 with a clear view that the post-NPfIT (National Programme for IT) HCIT market would be focussed on interoperable best of breed software. As such, Ascribe’s strategy was to invest heavily in software development to take advantage of this forecast market change. This has enabled Ascribe to deliver strong growth in software sales and orders as the market story has unfolded”.
The exit marks the third in as many months for ECI, and included the sale of European software company CliniSys to fellow mid-market firm Montagu.
ECI specialises in TMT, business services, industrial, healthcare and consumer companies, and wrapped up investinf from its seventh fund in November last year. In July the firm exited its investment in off-licence chain Bargain Booze through an IPO.
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