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Healthtech Alcidion raising for UK acquisition
Sarah Thompson, Anthony Macdonald and Tim Boyd
Apr 14, 2021 – 9.53am
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ASX-listed healthcare technology outfit Alcidion has sealed a deal to buy UK-based software business ExtraMed.


Alcidion has bought a UK healthcare software company. Peter Braig

The company was on the hunt for a $17.5 million capital injection on Wednesday to re-stock its acquisition kitty, after funding the $10 million ExtraMed deal with its existing cash reserves.

ExtraMed provides patient flow management software to the UK healthcare market, helping hospital staff better keep track of patients under their care.

It services nine NHS trusts in the UK, and Alcidion already provides services to three of those trusts. As a result, the acquisition will boost Alcidion’s exposure to 27 NHS trusts, from 21.

Funds were told the purchase would boost Alcidion’s revenue by $3 million and earnings by $500,000.

New shares in the raising were being offered to funds at 32¢ each, which represented a 5.9 per cent discount to Alcidion’s last close, and a 2.3 per cent discount to the 10-day VWAP, according to terms sent to funds.

Henslow was lead manager on the deal, and was calling for bids into the placement by 3pm on Wednesday.

The company’s shares have been on a tear since the end of 2020, trading up 161 per cent in the past six months.