Miroslava Lhotáková
CSC
Communications & Marketing
Eastern Europe Region
Tel.: +421.259.216.170
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CSC Enters into Agreement to Acquire iSOFT’s Global Operations
News Release -- April 01, 2011
Acquisition to Accelerate Growth in Company’s Global Healthcare Business
FALLS CHURCH, Va., April 1 – CSC (NYSE: CSC) today announced it has signed an
agreement to acquire all of the outstanding equity of iSOFT Group Limited (ASX:
ISF), one of the world’s largest providers of advanced healthcare IT solutions,
by way of a court-approved scheme of arrangement. The acquisition will
complement and strengthen CSC’s market-leading software products and healthcare
integration and services portfolio, while enhancing its healthcare research and
development capabilities. It will also accelerate CSC’s strategic growth plan
in the Life Sciences market and reinforce the company as a very strong player
in healthcare information technology.
The offer to iSOFT shareholders is at A$0.17 per share in cash. Closing of the
transaction is expected during CSC’s Q2FY12, and is subject to various
conditions, including, among others, iSOFT shareholder approval and certain
Australian and EU regulatory approvals.
Adding iSOFT’s 3,300 global employees including those from major research and
development centers in India, Spain, UK, Australia, New Zealand and Central
Europe, will expand CSC’s capability to support existing customers, develop
more innovative solutions, and add a robust set of clients in new and emerging
markets.
“The combination of these companies will further establish CSC as an innovative
leader in global healthcare IT,” said Michael W. Laphen, CSC chairman,
president and chief executive officer. “Through our combined experience in
global healthcare delivery, complementary world-class healthcare software
solutions, and enhanced capabilities in system integration, outsourcing and
process management, we are forming a compelling lifecycle of services to better
serve our global clients and improve patient care.”
More than 13,000 healthcare providers and governments in 40 countries use
iSOFT’s e-health software solutions to manage patient information and drive
improvements in their core processes. With the expertise and experience of more
than 1,300 development professionals and more than 200 clinicians, iSOFT
solutions touch more than 200 million patients across five continents every
day, and its systems are installed in more than 8,000 hospitals and clinics.
This scale has allowed iSOFT to keep abreast of the latest trends in healthcare
technology and practices and translate them into innovative and practical
solutions.
"iSOFT’s Electronic Health Record software and services, coupled with CSC’s
global healthcare expertise and delivery capabilities, will create a very
powerful force in the global healthcare market to enhance the provision of
integrated care," said Andrea Fiumicelli, chief executive officer of iSOFT.
“This is a great development for iSOFT’s employees as they will have the
opportunity to continue their important work in healthcare IT whilst developing
their careers across CSC’s global business.”
“When completed, this acquisition will be a critical step in the expansion of
our global healthcare business. CSC will be at the forefront of emerging
healthcare technologies, giving our clients access to an expanded range of
healthcare capabilities and continuing our journey of bringing the vision of a
single patient record to life,” Laphen added.
Perella Weinberg Partners LP is acting as financial advisor to CSC and Jones
Day is acting as legal advisor to CSC.
About CSC
CSC is a global leader in providing technology-enabled solutions and services
through three primary lines of business. These include Business Solutions and
Services, the Managed Services Sector and the North American Public Sector.
CSC’s advanced capabilities include system design and integration, information
technology and business process outsourcing, applications software development,
Web and application hosting, mission support and management consulting. The
company has been recognized as a leader in the industry, including being named
by FORTUNE Magazine as one of the World’s Most Admired Companies for
Information Technology Services (2011). Headquartered in Falls Church, Va., CSC
has approximately 93,000 employees and reported revenue of $16.2 billion for
the 12 months ended December 31, 2010. For more information, visit the
company’s website at www.csc.com.
About iSOFT Group
iSOFT Group Limited (ASX: ISF) is the largest health information technology
company listed on the Australian Securities Exchange, and 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. Our solutions act as a catalyst for change,
supporting free exchange of critical information across diverse care settings
and participating organizations.
Today, more than 13,000 provider organizations in over 40 countries use iSOFT’s
solutions to manage patient information and drive improvements in their core
processes. The group’s sustainable development is delivered through careful
planning, in-depth analysis of the market, and anticipation of our clients’
evolving requirements. Our business is driven by the collective talent,
experience and commitment of more than 3,300 specialists in 19 countries
worldwide.
A global network of iSOFT subsidiaries, supported by an extensive partner
network, provides substantial experience of national healthcare markets. As a
result, we offer our clients comprehensive knowledge of local market
requirements in terms of culture, language, working practices, regulation and
organizational structure.
All statements in this press release and in all future press releases that do
not directly and exclusively relate to historical facts constitute
“forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements represent the Company’s
intentions, plans, expectations and beliefs, and are subject to risks,
uncertainties and other factors, many of which are outside the Company’s
control. These factors could cause actual results to differ materially from
such forward-looking statements. For a written description of these factors,
see the section titled “Risk Factors” in CSC’s Form 10-K for the fiscal year
ended April 2, 2010 and any updating information in subsequent SEC filings.
The Company disclaims any intention or obligation to update these
forward-looking statements whether as a result of subsequent event or
otherwise, except as required by law.
