Australia’s IBA Health has completed its acquisition of England’s iSoft after the High Court of Justice for England and Wales approved the takeover, with iSoft now de-listed from the London Stock Exchange.
The completion of the deal marks the end of the remarkable rise, followed by precipitous decline and fall, of iSoft as the UK’s leading independent clinical software vendor and a key supplier to the NHS IT-led modernisation programme.
In the English NHS IBA and iSoft are contracted to Computer Sciences Corporation to deliver its Lorenzo clinical software to three-fifths of the NHS. In a subtle change of language IBA Health now refers to Lorenzo as the ‘Lorenzo platform’.
As a result of the deal IBA Health becomes Australia’s largest listed information technology company. A recommendation to change IBA Health’s name to the IBA Health Group Ltd will be made at IBA’s Annual General Meeting scheduled for November 30.
IBA Health says it will now be run by a unified global executive team, with headquarters in Sydney, Australia and a “significant corporate management centre in the UK”.
IBA Health executive chairman, Gary Cohen praised John Weston who has stepped down as iSoft chairman and acting chief executive. “Leading iSoft through an extraordinarily turbulent period, restoring confidence, and shareholder value and putting the business on a firm footing, was a truly remarkable achievement by John,” he said.
Cohen said in a statement, “Our vision is to lead IBA Health and iSoft to prominence on the global stage under the brand of the IBA Health Group. Our immediate priorities are to integrate and invest in the businesses and focus on growth opportunities. The merger removes the financial uncertainty surrounding iSoft but additionally provides a strong balance sheet for sustained investments in the enlarged business.
Cohen added: “There is significant potential for the group to move into untapped markets and to offer a wider range of products and services to a greater number of customers. Immediately, we have the opportunity to cross-sell IBA and iSoft applications to a customer base of 13,000 customers in over 35 countries.”
The IBA Health executive chairman said, “With a rich product portfolio and the emerging LORENZO platform we have the foundations for generating significant growth.” IBA Health says plans to integrate the businesses are already well advanced, with plans to remove duplication and reduce costs already underway.