- Deal forecast to double revenue and earnings
- Funding provided through share issue, placing and debt raise
Healthcare software company Craneware’s (CRW) results for the year to June 30 beat upgraded consensus by a whisker, with adjusted cash profits increasing by nearly 8 per cent to $27.1m (£19.7m), as it migrated more of its customers to cloud-based services. But it is the post-year-end deal for Sentry Data Systems that is most likely to shape the company’s future. Craneware, which closed the prior year with net assets of $68.4m, expanded its balance sheet significantly in anticipation of the deal, eventually shelling out $400m for Florida-based Sentry. Although $87.5m of this will be satisfied in Craneware shares, it has borrowed $120m and completed a $187m share placing to finance the deal.