Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Corum Group has received commitments to raise $3.66 million via a fully subscribed placement
  • Alchemy Healthcare has supported Corum by investing $1.5 million
  • Nick England, Alchemy’s Executive Director, will join the Corum Board
  • Corum is now well positioned to capitalise on growth opportunities within its core pharmacy software and adjacent markets

Corum Group has executed agreements to raise $3.66 million though the placement of 146.4 million new ordinary shares to sophisticated and professional investors.

Corum is a software company and hardware reseller. It has over 25 years of experience developing and selling Point-Of-Sale, dispensing, and managing software to pharmacies and associated businesses in Australia.

The capital raising has inspired support from Alchemy Healthcare. Alchemy will invest $1.5 million in Corum through related entities of its directors.

“It is particularly rewarding that a team of the calibre of Alchemy Healthcare has chosen to become strategic investors,” Corum Group CEO David Clarke said.

“They will add a depth of relationship and expertise in Australian healthcare that will contribute enormously as we adapt to a changing market and pursue broader opportunities,” David continued.

The company is now well positioned to capitalise on growth opportunities within its core pharmacy software and adjacent markets.

Corum dabbles within the health care and e-commerce industries and the capital raising is intended to support the growth of these businesses.

With its “Corum Clear Dispense” product solution and the recently announced Head Office platform forming the basis of next generation cloud-enabled solutions, Corum has a clear focus on independently delivering innovative solutions to its customers.

“Corum is a longstanding pillar of the industry, providing high quality software solutions to Australian community pharmacies. We are excited to assist in the exploration of potential growth options that leverage Corum’s strong market position,” Alchemy Healthcare Executive Director Nick England said.

As part of the transaction, Nick will be invited to join the Corum Board as a non-executive director. He has an extensive career and broad relationships across the healthcare and pharmaceutical sector in Australia and internationally.

The placement is conditional upon shareholder approval which Corum intends to seek at the upcoming Annual General Meeting.

COO by the numbers
More From The Market Herald
Altium Limited (ASX:ALU) - Chief Executive Officer, Aram-Mirkazemi

" Altium (ASX:ALU) revenue slips for the first time in eight years

The invariable impacts of COVID-19 have put a stop to Altium's (ASX:ALU) consecutive revenue growth during…
Altium Limited (ASX:ALU) - Chief Executive Officer, Aram-Mirkazemi

" Altium (ASX:ALU) shares bump despite shrinking revenue expectations

Altium (ASX:ALU) has predicted its fiscal revenue for 2021 will be lower than initial guidance, following…
Altium (ASX:ALU) - CEO, Aram Mirkazemi

" Altium Limited (ASX:ALU) announces new auditor

Software company Altium Limited (ASX:ALU) has appointed KPMG as it auditor, replacing PricewaterhouseCoopers (PwC).
Altium Limited (ASX:ALU) - Chief Executive Officer, Aram-Mirkazemi

" Altium (ASX:ALU) maintains full-year guidance despite COVID-19 headwinds

Altium (ASX:ALU) has posted its half-yearly unaudited sales and revenue figures for FY21, revealing it endured…