Craneware – a leader in healthcare financial performance solutions – has refinanced its balance sheet with £75m banking facilities allowing it to press on with its plan for growth.
The Edinburgh-headquartered group has announced strong cash generation and proposes to make a cash distribution to shareholders.
The group’s purpose is to transform the business of healthcare, particularly in the United States, enabling its customers to provide quality care to their communities. Craneware employs over 750 people in Scotland and overseas.
The group has renewed its Revolving Credit Facility (RCF) on improved terms, for a further three years, with the option to extend for two further one-year terms.
This new unsecured $100m (£75m) RCF consolidates the previous term loan and RCF, is at lower interest rates than the previous facilities, and provides a further $100m accordion facility that could support potential M&A activities. The facilities have been provided by a consortium of HSBC, Barclays, NatWest and Santander.
Keith Neilson, CEO of Craneware, said: “We would like to thank our banking partners for their continued support of the business and belief in our growth strategy. Our strategic position at the heart of the US healthcare market, strong balance sheet and positive trading provides us with a strong position from which to explore multiple avenues for growth, as we support our customers in the transformation of the business of healthcare.”
Alongside the refinancing, the board has initiated a proposed reduction of capital, as announced on 1 August 2025. This would create additional distributable reserves of $284.2m, if ultimately approved by the court process, giving the company further flexibility to deliver shareholder returns.
In July 2025, the group confirmed it had experienced positive trading throughout the fiscal year ended 30 June 2025, delivering continued strong revenue growth, and a double digit increase to profitability. Total bank debt has been reduced to $27.7m at 30 June 2025 from $35.4m the previous year, while retaining total cash reserves of $55.9m, up from $34.6m.
“We continue to demonstrate that the Craneware Group is uniquely placed with our independent standing in our end market, and with our solutions across healthcare finance and 340B continuum, to support US healthcare providers in their mission to serve their communities,” said Will Whitehorn, Craneware’s chairman, in the latest company report.
The 340B programme is a US federal initiative to require drug manufacturers to provide outpatient drugs at reduced prices to curb costs for qualified healthcare providers.
Founded in May 1999 by CEO Keith Neilson and co-founder Gordon Craig, Craneware launched its first product in October 1999 after signing its first customer contract the previous month.
The company has spent more than 20 years as the leading provider of revenue integrity solutions improving financial performance in U.S. hospital and health systems.
In July 2021, after Craneware announced the acquisition of Sentry Data Systems and Agilum Healthcare, optimising a catalogue of solutions with industry-leading 340B solutions and expertise.
