I guess this piece of news has been going around for a while but here goes anyway.
CSC has signed an agreement to acquire all of the outstanding equity of advanced applications provider iSOFT Group. The offer to iSOFT shareholders is 0.17 Australian dollars per share in cash.
CSC provides system design and integration, IT and business process outsourcing, management consulting and other services. The company employs approximately 93,000 worldwide and reported revenue of $16.2 billion for the 12 months ending Dec. 31, 2010. The acquisition will strengthen CSC’s healthcare integration and services portfolio, and enhance its healthcare research and development capabilities, the Falls Church, Va., company stated. CSC added that the move will also accelerate its strategic growth plan in the life sciences market.
iSOFT, with headquarters in Sydney, employs 3,300 employees globally. Its e-health software is used by more than 13,000 healthcare providers, 8,000 hospitals, clinics and governments in 40 countries to manage patient information, iSOFT stated.
Closing of the transaction is expected during CSC’s second quarter of fiscal year 2012, subject to various conditions. These include, among others, iSOFT shareholder approval and certain Australian and European Union regulatory approvals, according to CSC.
Perella Weinberg Partners is acting as financial advisor to CSC and Jones Day is acting as legal advisor to CSC.