Midland medtech MSoft targets acquisitions for growth
A MIDLANDS healthcare technology company is targeting new acquisitions as it looks to cement growth.
MSoft eSolutions is implementing the strategy as part of its plan to more than double turnover this year.
The Cheltenham-based company is on course to see revenues rise from £1m to over £2.2m for the current financial year.
To support growth the company has strengthened its senior management team by recruiting Paul Coburn as Finance Director and promoting Robert Fawcett to the role of Operations Director.
Coburn will work closely with Managing Director Matt McAlister developing and implementing an acquisition strategy for the business. Fawcett, who has been promoted after six years with the company, will now help to appoint two new sales managers who will report to him.
MSoft, which employs 18, has two main divisions to its business. Firstly, the company provides health trusts with its innovative blood-tracking software, Bloodhound, enabling positive identification of users and patients and in depth auditing of all bloods across each and every stage of the transfusion process – to help get the right blood into the right patient.
MSoft is also well established in the community equipment stores sector with its own internet-based solution, MICES, that links each partner, store and prescriber.
Equipment can be ordered, stock availability checked and delivery progress monitored at the touch of a button. There are also built-in budget controls which warn of overspends.
The company, which also has an office in Merseyside, won all eight tenders it competed for during the past year including Hull and East Yorkshire Hospitals NHS Trust, Nottingham University Hospitals NHS Trust, Mid Cheshire Hospitals NHS Foundation Trust and East Cheshire NHS Trust.
MSoft, which was founded in 1999, also completed a deal to buy a leading software product from global technology giant Allocate Software. MESaLS, a community equipment and loan store system, is used by healthcare, social services and council clients in the UK and Australia.
Mr McAlister said: “We already know that our turnover for this year will be £2.2m and could be nearer £3m if we land another couple of contracts we are waiting to hear about.
“We have done a lot of work establishing technology which is in demand from our customers because it directly meets their needs, is innovative and helps them make significant savings in terms of money and time in their organisations.
“We have now put in place an enlarged senior management team which will be actively looking at helping us secure the investment required to complete a number of other acquisitions during the next two years.”
