News
05th May 2009System C Healthcare Plc acquires Bluestar UK Group Limited
Bluestar is a specialist developer and supplier of innovative
healthcare IT solutions. These include the 'Pathfinder'
Radio-Frequency ID (RFID) system for tracking patients and
equipment, the Kings Infection Control System, and the
'IGFlow' Information Governance product which helps
healthcare providers manage confidential patient data.
Bluestar also provides healthcare advisory services through its
team of 30 consultants.
During the last two years, Bluestar has supplied software and
services to over 25 NHS Trusts, and is well respected for work in
patient safety, clinical benchmarking, and the creation of
cost-effective diagnostic services such as regional pathology
networks.
System C intends to use its scale and market presence to bring
Bluestar technologies to a wider audience, and work is already
underway to provide its 'IGFlow' Information Governance
product as a data centre hosted service to multiple NHS Trusts.
Bluestar's products complement System C's Medway Sigma
range of healthcare computer systems, and their products will be
integrated with, and sold alongside, Medway Sigma. For
example, Pathfinder will be used to offer patient and instrument
tracking to System C's Patient Administration System (PAS),
accident and emergency, and theatre system users. The Board
believes that these advanced technology features represent an
excellent fit with System C's new generation Medway Sigma
software.
In addition to Bluestar's range of complementary software
products, Bluestar's healthcare IT services also strongly
complements those of System C. Bluestar offers programme office
support, business case production and change management as well as
more traditional IT services such as network and infrastructure
consulting. Combined with System C's design, build, test,
deployment and healthcare improvement services, the expanded group
is now in a position to offer a complete range of consulting
services to the NHS, private and independent sectors.
The consideration for the acquisition is £0.4 million in
cash on completion, with up to a further maximum of £2.6
million payable in cash over three years from completion.
Payment of the maximum deferred consideration is subject to
Bluestar achieving total aggregate profit before taxation of
£2.12 million over the three year period, and is capped in
each year based on annual targets. The consideration is to be
funded from System C's existing resources.
In the year to 31 October 2008, Bluestar Group reported revenues
of £2.7 million, profit before taxation of £0.2 million
and had net assets at completion of £0.2 million
System C's chief executive, Ian Denley, commented:
"This is an excellent acquisition for System C which brings us
a range of exciting healthcare technologies and products, and
further strengthens our healthcare consulting capabilities."
Tony Corkett, founder and chief executive of Bluestar,
highlighted the synergies between the companies. "System
C's excellent track record in the development of healthcare IT
solutions, combined with their proven deployment capability and
experience, are a perfect match for us. Their reputation,
their client base and their size will open up many new
opportunities for us."
ENDS
For further information, please contact:
System C Healthcare
plc Tel:
01622 691616
Dr Ian Denley, Chief Executive
Andrew Coll, Finance Director
Charles Stanley Securities (Nominated
Adviser) Tel:
020 7149 6000
Mark Taylor / Russell Cook
Maitland (Financial and Corporate
Communications) Tel: 020
7379 5151
Emma Burdett/Richard Farnsworth
Notes to editors:
System C Healthcare plc (www.systemc.com), specialises in
the design and development of clinical patient management and
business intelligence software, and provides systems implementation
and consulting services to the health sector.
System C Healthcare is quoted on the AIM market of the London
Stock Exchange (SYS.L).
