iSOFT Group Limited (ISF) – Australia’s largest listed health information technology company today announced it acquired Patient Safety International Pty Ltd. (PSI) in a deal worth up to $5 million as part of the company’s strategy of boosting its portfolio of innovative solutions through bolt-on acquisitions. The acquisitions provides iSOFT with state-of-the-art patient safety software that enables healthcare organizations to record, monitor and take relevant management action to minimize future adverse medical events. South Australia- based PSI’s AIMS solution uses an ontology that comprises a comprehensive set of some 25,000 terms developed by the Australian Patient Safety Foundation. iSOFT paid an initial consideration of $1.07 million. The remainder may be paid out as an earn-out over three years. The company expects PSI to contribute $2 million in revenue at 25% EBITDA in FY10 and grow this contribution going forward. Currently used in Australia, South Africa and the U.S, the AIMS solution can be applied in most markets including the emerging Patient Safety Organizations (PSOs) in the U.S.
“This is the kind of acquisition that goes straight to the heart of improving patient safety and lifting the overall quality of health care,” said Gary Cohen, iSOFT Executive Chairman & CEO. “PSI’s software is an explicit example of how innovative technology is being used directly to enhance patient safety through analysis and prevention of errors. PSI is an outstanding contribution to iSOFT’s reputation as a world-class provider of healthcare IT solutions.”
iSOFT Group Limited (ISF) is the largest health information technology company among the world’s biggest providers of advanced application solutions in modern healthcare economies. iSOFT works with healthcare professionals to design and build software applications that answer all of the difficult questions posed by today’s healthcare delivery challenges. Patient Safety International Pty Ltd (PSI) was formed in October 2000 as a fully owned subsidiary of the Australian Patient Safety Foundation (APSF). As the commercial arm of the APSF, PSI is responsible for the marketing, technical development and support of the AIMS incident management system. The APSF forms the research basis of PSI and is responsible for on-going development of the classification schema.
Tags: Healthcare, ISF, iSoft Group, IT, New acquisition
