EMIS Group PLC Acquisition of Dovetail Digital Limited (9502F)
November 01 2018 - 2:00AM
UK Regulatory
TIDMEMIS
RNS Number : 9502F
EMIS Group PLC
01 November 2018
01 November 2018
EMIS Group plc
("EMIS Group" or "the Group")
Acquisition of Dovetail Digital Limited
EMIS Group, the UK leader in connected healthcare software and
services, is pleased to announce the acquisition of Dovetail
Digital Limited ("Dovetail Lab"), a leading early stage UK
technology business specialising in blockchain software for the
healthcare market, for an initial consideration of GBP2.5m. The
acquisition is in line with the Group's strategy of identifying
sustainable long-term market opportunities delivering connected
healthcare systems.
Founded in July 2017, Dovetail Lab creates software that gives
patients full control of their healthcare records, delivering
secure exchange of data between different health services and new
digital technologies involved in patient care. Its patent-pending
blockchain-based technology delivers accountability, security and
trust in the transmission of healthcare data, whilst mitigating
risk and maximising health outcomes for patients. Blockchain is a
key element of our updated technology Roadmap which we will discuss
further at our Capital Markets Day on 29 November 2018.
Dovetail Lab expects to generate revenue of approximately
GBP0.9m and a small operating loss during its first full year of
operation in 2018. The team based in London will join EMIS Group as
part of the acquisition, including Dovetail Lab's CEO and
co-founder Alexandra Eavis. Existing Dovetail Lab shareholders
(comprising management and early stage investors) will retain a 10%
share of the original business subject to a call option in favour
of EMIS Group exercisable between 2023 and 2025.
EMIS Group is acquiring an initial 90% shareholding in Dovetail
Lab on a cash and debt free basis for GBP2.5m, to be satisfied by
GBP1.5m in cash payable immediately and GBP1.0m in EMIS Group
shares to be issued on successful product delivery milestones. Up
to GBP2.5m of further consideration may be payable on the
attainment of certain business plan targets in 2019, 2020 and
2021.
Andy Thorburn, CEO of EMIS Group, said:
"This is a very exciting acquisition for the Group, with
Dovetail Lab widely regarded as one of the leading healthcare
blockchain businesses in the UK, that is driving innovation across
the sector.
"The business has already launched a successful pilot of its
software within the NHS, giving patients access, visibility and
control over their health data using explicit and informed consent
to drive data sharing across all health and care settings. The
potential applications for blockchain technology in the UK
healthcare sector are significant and we look forward to working
with the new team to explore these."
- ENDS -
For further information, contact:
EMIS Group plc Tel: 0113 380 3000
Andy Thorburn, CEO
Peter Southby, CFO
www.emisgroupplc.com
Numis Securities Limited (Nominated Adviser & Broker) Tel: 020 7260 1000
Oliver Hardy/Simon Willis/James Black
MHP Communications Tel: 020 3128 8788
Reg Hoare/Giles Robinson/Patrick Hanrahan/Florence Mayo
emis@mhpc.com
Notes to Editors
EMIS Group is the UK leader in connected healthcare software and
services. Its solutions are widely used across every major UK
healthcare setting from primary, community & acute care, to
high street pharmacies and specialist care services. EMIS Group
helps healthcare professionals in over 10,000 organisations share
vital information, facilitating better, more efficient healthcare
and supporting longer and healthier lives.
EMIS Group serves the following healthcare markets under the
EMIS Health brand:
-- Primary, Community & Acute Care, as the UK leader in
clinical management systems for healthcare providers and
commissioners. EMIS Health products, including the flagship EMIS
Web, hold over 40 million patient records and are used by more than
100,000 professionals in nearly 6,000 healthcare organisations.
-- Community Pharmacy, with the UK's single most used integrated
community pharmacy and retail system.
-- Specialist Care, as England's leading provider of diabetic eye screening software and other ophthalmology-related solutions.
These markets are also supported by other EMIS Group
businesses:
-- under the Patient brand, the UK's leading independent
provider of patient-centric medical and well-being information and
related transactional services.
-- under the Egton brand, providing specialist ICT
infrastructure, hardware and engineering services, and non-clinical
software into health and social care.
-- under the EMIS Care brand, providing healthcare screening
programmes such as diabetic eye screening.
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END
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