Craneware's SaaS buy

18th Feb 2011 17:49

AIM-quoted Craneware is paying an initial $15m for ClaimTrust. The maximum consideration could be $19.5m. More than two-third's of ClaimTrust's $8.5m of annual revenues are recurring. Craneware is based in Scotland but all of its revenues are in the US. It supplies software that enables hospitals and clinics to calculate how much to charge patients. ClaimTrust's Software-as-a-Service based product is used by the same type of customer base. House broker Peel Hunt has increased its 2011-12 profit forecast from $12.1m to $13.5m on the back of the acquisition. That is the first full year that ClaimTrust will be part of the group. Wall Street has gained momentum throughout the morning although volumes remain low.