Healthcare software developer Avia Health Informatics joined Aim on 16 November.
The company was formed by the reversal of Plain Software into Plus-quoted shell Avia Investments. Plain was valued at £1.6m in cash and shares.
A placing raised £1.18m - £1.02m net - at 60p a share - around one-third of this cash came from directors and employees. This is less than the £2m originally sought but the vendors of Plain have taken less cash than they were going to.
Avia’s range of software is being expanded. The original software was designed for GP out of hours diagnosis of patients. The core market is doctors surgeries and this has been widened to take in prisons.
Plain is focused on the UK at the moment but it does have plans to expand internationally. It has already started to sell software in the US.
The business has historically been profitable but it made a £217,000 loss on revenues of £1.88m in the 13 months to March 2009 because additional employees were taken on to enable the company to roll out new products. Three-quarters of turnover is from recurring revenues.
Avia wants to buy other software businesses which target the healthcare market.
The shares opened the first day at 69.5p each and rose to 73p, which values Avia at £3.61m.
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