Business
Investment in Cirdan Imaging Limited
Investment in Cirdan Imaging Limited.
About this update from Kainos Group Plc
[{"type":"text","content":"\n \nRNS Number : 5341N Kainos Group plc 01 February 2016 \n\nANNOUNCEMENT \n1 FEBRUARY 2016\nKainos Group plc\n(\"Kainos\" or \"the Company\")\nInvestment in Cirdan Imaging Limited\n \nKainos Group plc (KNOS), a leading UK-based provider of IT, consulting and software solutions, announced today that it has entered into an agreement to acquire 10% of the share capital of Cirdan Imaging Limited ('Cirdan'), a privately-owned supplier of medical diagnostic hardware and software, creating an enhanced partnership and cross-selling opportunities for both businesses. Kainos will invest £0.9 million as part of a Series B fundraising of £3.5 million led by Kernel Capital. This follows a significant investment by the Kernel Capital Growth Fund in January 2015.\nFormed in 2010, Cirdan is headquartered in the UK and also has offices in Canada and Australia. Cirdan designs, manufactures and supplies software & imaging solutions for the acceleration and enhancement of medical diagnosis and addresses the market need for robust scalable 'digital workflow' products for pathology laboratories. \nIn 2013 Cirdan acquired a part of GE Healthcare's business - the ULTRA Laboratory Information System (LIS) - which brought with it a blue chip healthcare customer base in the US, Canada, Australia and the Middle East. \nThe fundraising will enable Cirdan to invest further in the development of the ULTRA product. Kainos' investment will enable the two companies to work closely together for their mutual benefit and it is envisaged that Cirdan could become an important reseller of Kainos' Evolve solution in the US, Canada and Australia. As part of this development, Cirdan has entered into a five year Evolve SaaS agreement carrying an annual license fee and additional potential revenue depending on platform usage.\nSpeaking about the investment, Brendan Mooney, CEO of Kainos, commented: \n\"We are delighted to have made this investment in Cirdan, which is a fast-growing and exciting medical diagnostics business. Cirdan has already established a strong customer base and, by working in tandem, we will be able to promote Kainos' services and products, while helping Cirdan further develop its unique ULTRA proposition. Our close relationship will open doors for both businesses, creating interesting new growth opportuniti...