CSC Acquires Healthcare Software Provider iSoftBy Reuters | Posted 2011-04-04 Email Print
IT services provider CSC announced it would buy iSoft, a healthcare software provider, in an effort to expand its global IT healthcare business.
(Reuters) - U.S. technology services provider Computer Sciences Corp (CSC) said it would acquire healthcare software provider iSOFT Group Ltd for about $188 million.
Computer Sciences will offer iSOFT shareholders A$0.17 a share, 224 percent more than iSOFT's March 24 close on the Australian Stock Exchange.
"When completed, this acquisition will be a critical step in the expansion of our global healthcare business," CSC Chief Executive Michael Laphen said in a statement.
Australia-based iSOFT Group, engaged in the development and licensing of computer software and the supply of services to the healthcare industry, was formed by a merger of iSOFT Group and IBA Health.
The transaction is expected to close during the second quarter of fiscal 2012, CSC said.
Shares of the Falls Church, Virginia-based CSC rose a percent to $49.37 on Friday on the New York Stock Exchange. The stock have gained 6 percent in the last six months. ($1 = 0.968 Australian Dollars) (Reporting by Siddharth Cavale in Bangalore; Editing by Joyjeet Das)