Computer Sciences Corp. announced this morning that it will acquire Australia-based iSOFT Group Ltd. for $188 million, a 24% premium to its last traded share price on the Australian Stock Exchange.
Michael Laphen, chairman, president, and CEO of CSC, was quoted as saying the acquisition is a critical step in the expansion of CSC’s global healthcare IT business. “The combination of these companies will further establish CSC as an innovative leader in global healthcare IT,” he was quoted as saying in the announcement.
The 3,300 employee iSOFT, reeling after a series of delays in its Lorenzo platform in the UK’s NPfIT project and the resulting decimation of its share price, is CSC’s subcontractor in NPfIT. The purchase of iSOFT by its largest customer was widely anticipated.
The announcement says that iSOFT’s products are used by 8,000 hospitals and clinics in 40 countries.
The sale is subject to approval by shareholders and regulators in Australia and the UK.