The Alcidion Group Ltd (ASX: ALC) share price is soaring today on news the company is expanding its partnership with NextGate. At the time of writing, the Alcidion share price is trading up 9.76% at 22.5 cents.
This comes after the small cap health company recently signed a milestone deal with the NHS in the UK, sparking a turnaround in the Alcidion share price.
About the partnership
Alcidion plans to expand its partnership with healthcare giant Nextgate to the UK market. Nextgate has more than 200 customers in 6 countries, and its programs manage up to 300 million patients.
The two companies first joined forces in 2018 when Alcidion agreed to resell NextGate’s enterprise master patient index and provider registry solutions in Australia and New Zealand. The deal has now been extended to include the UK and Ireland.
Alcidion’s agreement with NextGate has already realised two significant statewide contracts in Australia. These being the Queensland health referral service director, and a unique patient identification program for the Victorian Government.
The expanded partnership will contribute to the company’s growth strategy by reinforcing its competitive position in the UK market. Furthermore, it will see Alcidion’s flagship Miya platform complemented by Nextgate’s solutions.
Alcidion’s UK general manager Lynette Ousby welcomed the move, saying:
With the current focus in the NHS on consolidating clinical systems across regions, the ability to include the offering of NextGate solutions to complement our Miya Precision capability, establishes a true enterprise approach to healthcare delivery.
About the Alcidion share price
The Alcidion share price has had a strong run of late, gaining an 83.33% in November alone. At its current price of 22.5 cents, Alcidion has a market cap of $223 million.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of June 30th
Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Alcidion Group Ltd. The Motley Fool Australia has recommended Alcidion Group Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.