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Acquisition of Care Records Ltd - 28 January 2008
System C Healthcare PLC acquires Care Records LimitedSystem C Healthcare PLC ("System C" or "the Company"), the provider of specialist IT products and services to the healthcare sector, today announces the acquisition of clinical systems developer Care Records Limited ("Care Records") from Huntleigh Healthcare Ltd ("Huntleigh"), one of the UK's largest medical equipment manufacturers.
The consideration for the acquisition is £0.85m in cash on completion, with up to a further £2.6m payable in cash over the next 3 financial years dependent on the achievement of demanding performance targets. The consideration is to be funded from System C's existing resources. In the year to 31 December 2007, Care Records reported profits of £0.2m and reported small net liabilities of £0.03m. The board anticipates the acquisition to be earnings enhancing in the financial year to May 2009, reflecting initial investment in sales and marketing activities[1].
Care Records is a developer of leading-edge technology for the design and development of clinical IT systems. It has used this core technology to produce the Eclipse maternity system and a diabetes management system, both of which have been installed in UK hospitals. Further applications for the acute and community markets are under development and will be available soon.
The Eclipse products are developed using the Microsoft.net framework, the same development environment as MedWay Sigma, System C's next-generation Patient Management and Electronic Patient Record system. They have also been fully integrated with MedWay as part of the Company's recent deployment at the Isle of Man.
During 2007, Care Records has sold and successfully implemented its maternity software at four hospitals: Bradford Teaching Hospitals Foundation Trust; Surrey and Sussex Healthcare NHS Trusts; Royal Shrewsbury Hospitals Foundation Trust; and the Nobles Hospital on the Isle of Man. The diabetes management system has been installed at the University Hospitals of Leicester NHS Trust.
System C will maintain and extend Care Records' relationship with Huntleigh Healthcare, and are setting up joint distribution and collaboration agreements with Huntleigh for both the UK and overseas markets.
System C's chief executive, Ian Denley, commented:
"Care Records has developed exciting next-generation systems
which integrate seamlessly with our latest Medway development. This
acquisition gives Medway users a far broader range of clinical
functionality and allows us to fast-track our development
programme. We see many new opportunities both within the UK and
overseas as a result of this acquisition."
He added: "Another benefit of the acquisition is that we will be building on Care Records' close relationship with Huntleigh, a leading medical equipment supplier, and we plan to work closely with them and their clients over the coming years to provide seamless integration between our respective clinical systems and devices."
Philip Godfrey, founder of Care Records, highlighted the
synergies between the companies:
"Working with System C will open up many new
opportunities for us. Their excellent track record in the
development of healthcare IT solutions, combined with their proven
deployment capability, experience and size, are a perfect match for
us".
[1] This statement should not be interpreted as a profit forecast
and does not mean that the future earnings per share of System C,
following completion of the acquisition of Care Records, would
necessarily match or exceed the historical earnings per share of
System C.
ENDS
For further information please contact
System C Healthcare plc
Dr Ian Denley, Chief Executive
Andrew Coll, Finance Director
Tel: 01622 691 616
Maitland
Emma Burdett
Richard Farnsworth
Tel: 020 7379 5151
Collins Stewart Europe Limited
Mark Connelly/Stewart Wallace
Tel: 020 7523 8350
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System C's specialists have implemented interfaces for over 80 clinical and patient systems.