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iSoft sale agreed

16th May 2007

A major Australian health information firm has agreed to buy UK’s iSoft Group for about £140m, plus debt.

It is understood that under the deal IBA Health Ltd will finance the repayment of iSoft's existing bank facilities, which are repayable upon a change of control, and the ongoing capital requirements of the enlarged group, by raising £84m.

The sale has been recommended by the iSoft board and if it goes ahead it will see IBA become the main supplier of clinical software to the £12bn NHS National Programme for IT.

The enlarged group will provide information technology systems to 13,000 hospitals and health clinics across Australasia and Europe. IBA say that will put it in a good position for further growth.

IBA executive chairman Gary Cohen said: “The merger of two leading healthcare IT companies will create one of the largest providers of health It solutions in the regions from Europe through to Australasia.?

The company says that the arrangement unites two experienced management teams with skills that will complement one another in the healthcare IT market.

IBA will become a key player in among US and European health IT software companies and it is expected that 80% of revenues will come from the UK.

Following the deal, Mr Cohen will retain his position in the enlarged group while John Weston, currently chairman and acting CEO of iSoft will join the board of the enlarged group as deputy chairman.

Shares in iSoft fell 85% last year following delays in delivering key software in the NHS IT project.

 

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