ECI Partners sold IT software supplier company Ascribe to MIS Group for GBP 57.5 million or USD 91 million. A deferred element was also provided for depending on the performance of Ascribe.
ECI Partners acquired Ascribe in January 2009 for GBP 33 million. The investment firm took Ascribe from the AIM (formerly known as the Alternative Investment Market) in a public to private transaction. A sub-market of the London bourse, AIM enables smaller firms to float their shares under more flexible terms than that applied to the main stock exchange.
In a press release, ECI Partners Managing Parner David Ewing said the sale marked another successful transaction for ECI.
A supplier of IT solutions in the healthcare segment, Ascribe provides clients with e-prescribing, mental health and patient administration systems, among others. It solutions are used not only by healthcare providers in the UK but in Malaysia, Hong Kong, New Zealand and Australia as well.
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