AIM-listed health software firm Ascribe has been valued at £32.9m in a proposed management buy out, details of which were published today.

In August Ascribe announced that discussions on a possible management buy out had begun, with the bid led by Ascribe’s executive chairman Stephen Critchlow.

Commenting on the offer Critchlow said: “Ascribe’s growth will be better facilitated as a private company with a supportive private equity backer which endorses management’s strategy of consolidating market share across our product portfolio via organice growth and further acquisition.”

The offer has been made by Scroll Bidco, a company created on behalf of Acribe’s CEO Stephen Critchlow and EC18 for the purposes of the deal. The new company will be indirectly owned by funds managed by ECI (a UK-based private equity firm) and the company management.

Following the August MBO announcement, in September Ascribe acquired WCI Consulting Ltd’s healthcare division.

The purchase  of WCI was the the ninth acquisition by Ascribe since it floated on the alternative investment market in December 2004. Following the deal Ascribe’s turnover will be in excess of £20m.

Ascribe, provides a range of products and services including pharmacy, prescribing and GP systems, together with software for emergency and minor injuries units, mental health and social care units.