Craneware trusts Claim Trust

One of our favourite ‘Little Scottish Battlers’, Edinburgh-based but entirely US healthcare-focused Craneware, has made its first acquisition, that of US-based SaaS revenue cycle software player, Claims Trust. Craneware will pay up to nearly $20m in a cash and share deal for Claims Trust, which closed 2010 with $8.5m in revenues and $900k ‘adjusted’ EBITDA (one assumes, therefore, loss-making at the bottom line). Craneware closed  its FY (to 30^th June) with €28m in revenues and $7m of ‘real’ operating profit. Claim Trust looks like a good fit for Craneware – it’s great to hear of a UK player making it work in the US healthcare market.