Squire Patton Boggs has acted for Constellation Healthcare Technologies, the US-based healthcare services company, on its successful initial public offering on the AIM market of the London Stock Exchange plc, with a placing of £10 million and a market capitalisation of £75 million.

Constellation Healthcare Technologies and its subsidiaries provide outsourced revenue cycle management, practice management and group purchasing services to the physician and hospital market in the US, allowing physicians to avoid the infrastructure investment and costs associated with maintaining their own back-office operations. Constellation Healthcare Technologies currently delivers services to hospital-based physicians or physicians who are part of a larger group practice, including pathologists, anaesthesiologists and radiologists, in 18 US states.

The net proceeds of the AIM placing will be applied in part towards the company’s planned strategic acquisitions. The domestic third-party medical billing market in the US is highly fragmented and there are opportunities for market consolidation

The Squire Patton Boggs team advising Constellation Healthcare Technologies was led by Corporate partner Matt Doughty in London. “We’re delighted to have supported Constellation on their successful admission to AIM in London,” commented Matt Doughty. “We are seeing increasing interest from US and other international companies in the AIM market, where they can realize their growth potential through an IPO and create a platform with the potential for raising further funding in the future.”