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How dependent is Aquilant on any one of these larger suppliers?

Some exited and we were never wholly dependent but some of them hurt. The way we structured the company was each product area had its own team, which is partly because of the intensive nature of working with them in hospitals. You need product area experts and a large number of people. From a purely commercial bottom line, if somebody major exited we could restructure a small part of the business and the overall impact on the group bottom line wasn't massive. It would be redundancies or restructuring, which protects because we ran each therapy area as its own business, so we were able to do that without massive disruption to the rest of the organization.

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Was the idea that Aquilant would lead the new company rather than HC 21?

Healthcare 21 was never in the picture until the day it was done; it was always going to be Aquilant looking for acquisitions. They saw the opportunity to do a deal with one of our acquisition targets and roll the two together in a way that worked for them financially because it minimized their outlay. Whatever they paid for Aquilant, they probably paid for Healthcare 21, but I don't know whether it was an easy option to get a 50% stake in a bigger organization which gives an instant return on investment.

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