ISoft Snaps Up Firm in Pounds 8.1m Deal
Posted on: Monday, 26 September 2005, 06:00 CDT
Medical software firm iSoft - which as a major office at Aston Science Park in Birmingham - has revealed it is set to buy leading Spanish healthcare IT vendor Novasoft for an initial 12 million euros (pounds 8.1 million) in cash and shares.
Payment will comprise nine million euros (pounds 6.1 million) in cash and 470,119 iSoft ordinary shares, with iSoft liable for a further 1.8 million euros in cash, and up to 1.8 million euros (pounds 1.2 million) in shares if Novasoft meets certain performance targets.
The firm will also take on 3.9 million euros (pounds 2.6 million) of debt in the deal.
It said it expects the acquisition to be complete before the end of October and to be earnings enhancing in the first full year of ownership.
Tim Whiston, chief executive of iSoft, said the deal would provide a strong foothold in Spanish healthcare which was set for reform and investment.
He said: "Novasoft is the leading independent healthcare applications business in Spain with an established installed customer base, an in-depth knowledge of the market, and an experienced and committed workforce.
"The combination of iSoft's international application development credentials and Novasoft's local market presence positions us well in the Spanish healthcare economy that is at the start of a significant period of healthcare service reform and associated technology investment."
Shares closed up1 1 /4p at 428p
Source: Birmingham Post; Birmingham (UK)
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