Livingston-based Healthcare IT firm buys US rival
Livingston-based healthcare IT company, Craneware, has bought a rival US company in a multi-million dollar deal.
Its purchase of the Nashville-based, ClaimTrust, was valued at an initial price of $15m (£9.25m) with a maximum of $19.5m (£12m), subject to certain conditions.
Craneware specialises in billing and auditing software for the US healthcare industry and employs 140 people, mostly at its headquarters in West Lothian.
ClaimTrust has a customer base of more than 275 hospitals in the US, of which about 10% overlap with the organisations Craneware currently serves.
Through the acquisition, Craneware will expand its employee base to more than 200.
Keith Neilson, CEO of Craneware, said: "This acquisition is a major step forward for Craneware.
He added: "ClaimTrust has helped hospitals manage the Recovery Audit Contractor (RAC) process to win more than twice as many appeals as their peers and defend millions of dollars in Medicare RAC denials."
At least one piece of Craneware software is already used in more than 1,000 hospital facilities across 48 states in the US.