Electric Word snaps up NHS software firm for £2.2m

15th Apr 2011 15:01

Sports and education information publisher Electric Word is buying NHS software provider Ikonami for a maximum consideration of £2.2m."With the acquisition of Ikonami we are extending further into the Healthcare sector - an area which is evolving and for which there is significant government funding," said chief executive Julian Turner.The amount is made up of an initial cash consideration of £151,250 to be paid over the first year after completion, and the remainder (of the maximum consideration) will be satisfied if Ikonami is able to make £1.15m in profits in the year to November 2013.Ikonami made a loss before ta for £115,921 in the year ended 31 October.Seperately, Electric Word announced that its sports and iGaming information division is showing strong growth, and profits for the current year are expected to be significantly ahead of last year.However, market conditions in the educational publishing division continue to be very challenging due to uncertainty in education funding.---bc