Craneware
👤 Keith Neilson & Gordon Craig (Neilson and friend Gordon Craig teamed with a New Jersey chargemaster consultant to ship the market's first automated tool.)🌐 site
US billing rules change yearly; Craneware automates the compliance, and about 40% of US hospitals pay to stay current.
Will it work? · our read
Mandatory spend. Profitable AIM-listed SaaS wedged into US billing law. About 40% of hospitals renew rather than risk a failed audit. Finite TAM caps the upside.
01How the money moves
Federal 340B and CMS rules force billing compliance
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Trisus SaaS runs the chargemaster, 340B and price files
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About 40% of US hospitals pay annual subscriptions
02The numbers
$205.7mFiledrevenue, yr to Jun 2025
FY2025 (ended 30 Jun 2025)
All figures from Craneware's audited FY25 results (RNS). CRW FY25
FY25 revenue $205.7m (+9%); ARR $184.0m; 32% adj. EBITDA margin; AIM-listed.
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See a full teardown, free → ImportYetiSourcesSources last checked 8 October 2026
FY25 final results (RNS, revenue $205.7m)FY24 final results (RNS, revenue $189.3m)The Craneware Group — product siteDaily Business — Keith Neilson interviewHIStalk — founding story interview
revenue.value $205.7m is FILED: it is the audited group revenue in Craneware's FY25 (year to 30 Jun 2025) final results, released via RNS on 15 Sep 2025 and restated in the annual report. ARR ($184.0m), net revenue retention (107%) and adjusted EBITDA ($65.3m) come from the same RNS. 'About 40% of US hospitals' is company-stated in that release. Craneware reports in USD, so no currency conversion. verified true (first-party regulatory filing). We never score you.