Craneware plc Board Appointment and Acquisition (1793Q)
28 Agosto 2014 - 8:05AM
UK Regulatory
TIDMCRW
RNS Number : 1793Q
Craneware plc
28 August 2014
Craneware plc
("Craneware", "the Group" or the "Company")
Appointment of Non-executive Director
and Acquisition
Craneware increases breadth of Healthcare experience and product
portfolio through appointment of new Non-executive Director and
acquisition of Kestros Limited
28 August 2014 - Craneware (AIM: CRW.L), the market leader in
automated revenue integrity solutions for the US healthcare market,
is pleased to announce the appointment of Russ Rudish to the Board
as Non-executive Director, and the acquisition of Kestros Limited
("Kestros").
Non-executive Director Appointment
Russ Rudish has more than 30 years' experience in serving the
Healthcare industry, both in the United States and internationally.
His most recent role was Global Sector Leader for Healthcare at
Deloitte Touche Tohmatsu, where he led the $2 billion global
consulting, audit, tax and financial advisory business, developing
the firm's Global health care strategy. He joined Deloitte in 2006
from Eclipsys Corp., which was acquired by Allscripts in 2010. Russ
joins the Craneware board with immediate effect. He is an active
speaker and contributor to thought leadership on today's most
pressing Healthcare business issues.
Acquisition of Kestros Limited
As part of its commitment to expanding the use of innovative
technology in Healthcare, Craneware has acquired the assets and
intellectual property of an emerging Scottish technology company,
Kestros Limited for a maximum consideration of GBP1.25 million. The
acquisition will provide Craneware with a technology platform in
the high growth Patient Access market, addressing the growing level
of consumerisation within Healthcare.
Kestros has established early market entry into the growing area
of mobile technology and patient connectivity within the Healthcare
industry. Through the acquisition, Craneware will provide the
funding for further development of the technology from its current
use in a select number of NHS Trusts to broader use in the
Healthcare market, integrating with Craneware's existing Medical
Necessity technology within its Patient Access product family.
Craneware will acquire Kestros and all related assets for a
maximum of GBP1,250,000 which will be adjusted according to revenue
milestones. GBP150,000 of the consideration will be paid in cash
with the remainder paid in new Craneware equity.
Keith Neilson, CEO of Craneware,commented, "Craneware is
committed to driving innovation within the Healthcare industry,
enabling our customers to reduce administrative costs while
increasing levels of patient care. We are delighted to welcome Russ
Rudish and the Kestros team into Craneware. Russ brings over 30
years' experience within the US Healthcare industry, most recently
developing Deloitte's Global healthcare strategy and brings huge
insight in the developments currently taking place in this market.
We are delighted to be able to benefit from this experience and
knowledge in taking the Company forward.
"We believe Kestros, with its highly innovative and
sophisticated mobile application, which is currently in use in the
NHS, has significant potential for expansion. The governments in
both the US and the UK are pushing for greater IT links between
patients and healthcare providers, meaning both markets are highly
receptive to innovative technologies such as Kestros'. This
investment will strengthen our Patient Access product family and
importantly will give us the platform for our first Gateway product
in this area."
Russ Rudish, Non-Executive Director, Craneware, commented, "The
area of revenue integrity is growing in strategic importance to the
management teams of healthcare providers in the US, as they seek to
set in place the processes to deal with ever increase regulatory
and fiscal pressures and ensure they have the financial strength to
continue to deliver quality healthcare services to their patients.
Craneware is positioned right at the heart of this growing area of
focus within the US healthcare industry and I am delighted to join
the Board and be able to advise Keith and the team on the strategic
progression of Craneware."
Russ Joel Rudish, (aged 62), currently holds a directorship in
Rudish Health Solutions LLC. He previously held a partnership in
Deloitte LLC, from 2006 - 2014. He does not currently hold, nor has
held during the last five years immediately preceding the date of
this announcement, any further directorships or partnerships. There
are no other matters which are required to be announced under
paragraph (g) of Schedule 2 of the AIM Rules.
For further information, please contact:
Craneware plc Peel Hunt Newgate Threadneedle
+44 (0)131 550 +44 (0)20 7418 +44 (0)20 7653
3100 8900 9850
Keith Neilson, Dan Webster Caroline Forde
CEO
Craig Preston, Richard Kauffer Fiona Conroy
CFO
Heather Armstrong
About Craneware
Founded in 1999, Craneware has headquarters in Edinburgh,
Scotland with offices in Atlanta, Arizona, Massachusetts and
Tennessee employing over 200 staff. Craneware is the leader in
automated revenue integrity solutions that improve financial
performance for healthcare organisations. Craneware's
market-driven, SaaS solutions help hospitals and other healthcare
providers more effectively price, charge, code and retain earned
revenue for patient care services and supplies. This optimises
reimbursement, increases operational efficiency and minimises
compliance risk. By partnering with Craneware, clients achieve the
visibility required to identify, address and prevent revenue
leakage. To learn more, visit craneware.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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