CompuGroup Medical AG yesterday has entered into an agreement for the purchase of 100% of the shares in Ascon Software B.V. (operating under the trade name "Euroned"). Euroned is one of the players in the Dutch market for GP- and pharmacy-systems and has experienced impressive growth with their MIRA-product over the last years. In 2010 the company expects revenues of about 10.8 million euro, of which 65% is recurring, with an EBITDA of about 2.8 million euro.
Located in near Echt in the Southeastern part of the Netherlands the company employs 80 people and serves 430 pharmacies and 700 GPs, which corresponds to approximately 22% market share in the pharmacy area and a 10% market share for doctors. Since 2007, the company has been one of the few growing vendors (approx 10% p.a.) in these markets.
The MIRA product offered by Euroned is built on a modern web-based platform and covers GP's as well as pharmacies based on the same core. More than 30% of the current customer base currently buys this product as an ASP/SaaS solution from the Ascon Hosting Facility and the migration of customers in this direction is expected to continue.
With this acquisition CompuGroup Medical enters the healthcare market in the Netherlands and strengthens its business in Europe. Going forward, interfaces will be integrated with the existing MIRA software to provide customers with access to CompuGroup Medical's international product suite and enable them to benefit from intelligent solutions which are world trailblazers in terms of innovation and security.
Frank Gotthardt, CEO of CompuGroup Medical, underlined the importance of the takeover. "Euroned provides one of the most modern products on the Dutch e-health market as well as being a dynamic organisation which will be capable of rapid integration into our group. All of this puts the necessary foundations in place for achieving rapid and profitable growth at Euroned over the coming years."
The payment for the debt free company will be 15 million euro in cash and the purchase price will be financed through existing credit facilities. Full consolidation into CompuGroup Medical will take place from the business year 2011 onwards.
Located in near Echt in the Southeastern part of the Netherlands the company employs 80 people and serves 430 pharmacies and 700 GPs, which corresponds to approximately 22% market share in the pharmacy area and a 10% market share for doctors. Since 2007, the company has been one of the few growing vendors (approx 10% p.a.) in these markets.
The MIRA product offered by Euroned is built on a modern web-based platform and covers GP's as well as pharmacies based on the same core. More than 30% of the current customer base currently buys this product as an ASP/SaaS solution from the Ascon Hosting Facility and the migration of customers in this direction is expected to continue.
With this acquisition CompuGroup Medical enters the healthcare market in the Netherlands and strengthens its business in Europe. Going forward, interfaces will be integrated with the existing MIRA software to provide customers with access to CompuGroup Medical's international product suite and enable them to benefit from intelligent solutions which are world trailblazers in terms of innovation and security.
Frank Gotthardt, CEO of CompuGroup Medical, underlined the importance of the takeover. "Euroned provides one of the most modern products on the Dutch e-health market as well as being a dynamic organisation which will be capable of rapid integration into our group. All of this puts the necessary foundations in place for achieving rapid and profitable growth at Euroned over the coming years."
The payment for the debt free company will be 15 million euro in cash and the purchase price will be financed through existing credit facilities. Full consolidation into CompuGroup Medical will take place from the business year 2011 onwards.
