News blog
Drury Lane Capital
- BY: Andrew Hore |
- POSTED: 23/07/2008 |
- COMMENTS: Add yours
Cash shell Drury Lane Capital is acquiring Adastra Software and has appointed Vin Murria as chief executive.
Drury Lane plans to be a consolidator in the healthcare software market. It is attracted the fragmented nature of this market and the moves towards integrating the provision of primary care.
The first step on this path is the acquisition of Adastra, which supplies medical event management, data distribution and clinical support software to healthcare providers, for £12.2m in cash and shares. At the same time Drury Lane is raising £14.6m from a share placing at 17p a share. That will help to pay the £5.35m cash portion of the Adastra purchase price.
Drury Lane is appointing Vin Murria as chief executive. She used to run Computer Software Group, which was acquired by HgCapital in May 2007 for 150p a share, valuing the company at £99.6m. It subsequently merged with IRIS and was sold for $1bn.
Adastra’s main customer base is around 90 organisations providing out of hours care. It generated profits of £1.69m on revenues of £10.6m in the year to February 2008.
Drury Lane joined Aim on 30 October 2006, when it raised £4.5m (£4.35m net) at 10p a share. It was a Marwyn-backed shell looking to acquire businesses in a sector that was ripe for consolidation.
The shares held steady at 17.25p, giving Drury Lane a pre-deal valuation of £7.76m.
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