Healthcare IT system supplier EMIS has announced its intention to float on the Stock Exchange’s alternative investment market (AIM).
The flotation is seeking to raise £50m gross, or 25% of EMIS’ issued share capital, and EMIS said it is anticipated it will have a post-market capitalisation of approximately £200m.
The company, which supplies software to 52% of GP practices in the UK, said its intention was to continue to grow EMIS through the rollout of EMIS Web.
However, it said the flotation would also provide opportunities for “bolt-on” acquisitions “to streamline and further enhance the service offering across EMIS’s customer base.”
Sean Riddell, chief executive, said EMIS had built a pre-eminent market position. “A flotation on AIM will position EMIS to take advantage of growth opportunities, broaden our shareholder base and further incentivise management," he argued.
Riddell added: “In the UK we see EMIS Web as a key component in the future of NHS IT because it enables healthcare practitioners to deliver quicker, better patient care through the sharing of key patient information between different healthcare teams.
“EMIS Web is a core part of our strategy and will provide us with both organic growth and acquisition opportunities as we continue to develop its potential across the whole healthcare spectrum – including primary, secondary and community care settings.”
EMIS was set up in 1987 by two GPs based in North Yorkshire – Dr David Stables and Dr Peter Sowerby – and now has around 34m patient records held on its platform. It employs 780 people, mainly in the UK.
In 2009, the company had a turnover of £58m, generating an operating profit of £15.8m.