CompuGROUP Enters US Market
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Koblenz, Germany - February 18, 2009: Today, CompuGROUP Holding AG has entered an agreement with Noteworthy Medical Systems, Inc. for the purchase of 51.6% of the shares in the Ohio-based company. Noteworthy is a provider of connected healthcare technology solutions for the primary care sector and offers a complete suite of applications, from web-based practice management to EHR software and tools for turn-key health information exchange (HIE).
"This is an important step for us, as it is our first point of entry into the US market. It is also another step on the path to becoming number one in the worldwide healthcare IT market. We have a proven growth strategy that has been the platform for achieving our goals in Europe and other parts of the world. We intend to continue to build upon our vision to bring together all parties involved in healthcare and strengthen the quality of patient care," explains Frank Gotthardt, Chairman of the Board of CompuGROUP Holding AG.
"CompuGROUP's investment in Noteworthy will allow it to continue to grow its market share and build on its unique ability to provide connectivity to health systems throughout the U.S. It is a natural and very significant, exciting next step in our strategic plan and vision of our future in healthcare technology," says Lawrence Dolin, Chairman of the Board and CEO of Noteworthy.
Noteworthy has added nearly 500 new providers and 1,800 users to a customer base covering 43 states in 2008. Sales in 2008 were 68% higher than those in 2007, with strong quarterly sales in 2008. "Given the President Obama's priority on funding healthcare IT initiatives, Noteworthy is well-positioned with key solutions to serve hospitals, health systems and individual practices in their pursuit of quality patient care through connectivity, collaboration and data exchange," says Paul Ruflin, President and COO of Noteworthy.
The negotiated deal also includes a purchase option in 2011 for the remaining shares at pre-determined conditions. The transaction was completed subsequent to a satisfactory due diligence. The shares of Noteworthy Medical Systems, Inc. will be held by CompuGROUP Holding USA, Inc., a wholly-owned entity of CompuGROUP Holding AG.
WestEnd Alliance Group, a consortium of transatlantic M&A advisory firms, has been a financial advisor for the transaction.
About CompuGROUP Holding AG CompuGROUP is one of the leading eHealth companies worldwide. Its software products, designed to support all medical and organizational activities in doctors' offices and hospitals, its information services for all parties involved in the healthcare system and its web-based personal health records contribute towards safer and more efficient healthcare. The services of CompuGROUP are based on its unique customer base of around 320,000 doctors, dentists, hospitals and networks as well as other service providers. CompuGROUP is the eHealth company with the biggest coverage among eHealth service providers worldwide. The company operates in 14 European countries, Malaysia, Saudi Arabia and in South Africa and currently employs around 2,500 people.
About Noteworthy Medical Systems, Inc. Noteworthy Medical Systems, Inc., is a privately held company founded in 1996 and headquartered in Cleveland, Ohio, that provides a comprehensive set of tools to effectively manage and facilitate care in the ambulatory setting. Noteworthy's focus is to provide sophisticated applications for primary care as well as the technology to connect physicians, hospitals and healthcare communities for improved care and communication. Noteworthy serves a customer base of more than 1,300 practices, 6,000 healthcare providers and 13,000 users across 43 states.
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PRESS RELEASE
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Further inquiry note:
Maik Jacobs
Tel.: +49(0)261-8000 1284
E-Mail: mja@compugroup.com
Branche: Software
ISIN: DE0005437305
WKN: 543730
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