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September 7, 1997updated 03 Sep 2016 7:09pm

MISYS SNAPS UP US GROUP MEDIC FOR $922M

By CBR Staff Writer

Misys Group Plc has extended its international reach with a $922m acquisition of Medic Computer Systems Inc, a leading supplier of application software packages to physicians’ practices and other healthcare providers in the US. The $35 a share cash deal is backed by the board of Raleigh, North Carolina-based Medic and its management team – including founders John McDonnell and Alan Winchester – will continue in the enlarged group. Medic has around 10,000 systems in operation and, in its last financial year to December 31, 1996, reported pre-tax profits of $38.9m on revenues of $191.8m. The UK-based Misys, buoyed up by consistent profits growth and a strong share price, has been on the take- over trail for some time and has already recorded 70m pounds worth of acquisitions this year before the Medic deal. Misys chairman, Kevin Lomax, said: The IT healthcare market in the US demonstrates similar characteristics to those area in which we currently operate. The acquisition represents a highly attractive investment. He expects it to be earnings neutral in the first full year.

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