Consultant Citadel Group has paid $8.2 million cash for Brisbane oncology software developer Charm Health.

Citadel (ASX:CGL) will make extra payments over the next two years if its new business hits performance targets, but didn’t say what these would be.

Citadel did not say how it was paying for the acquisition, although its annual results showed cash holdings of $29.8 million and pointed to a five-year $50 million loan from ANZ.

Both companies have been contacted for comment.

Charm Health International’s website says it has 45 clients for its oncology software, which covers all aspects of cancer patient management.

Citadel said last year there were about 130,000 new cancer cases diagnosed in Australia, and expected new cases to grow by 70 per cent globally over the next 20 years.

“This acquisition strategically augments Citadel’s e-health capabilities, particularly in the areas of on-premise and cloud-based oncology information management solutions,” Citadel chief Darren Stanley said in a statement.

“It also expands Citadel’s health clientele to include large private sector health providers,” 

Charm is the third company Citadel has acquired in the last 12 months.

Citadels shares were up 1 per cent at $5.50 in afternoon trade, valuing the company at $263 million. Its shares have traded between $4.16 and $5.62 over the past year.