Physician Computer Network Inc, a provider of healthcare-related network services, has acquired Wallaby Software Corp of Mahwah, New Jersey, a vendor of information systems designed for doctors’ surgeries, for an undisclosed amount. The company will now have access to over 31,000 surgery-based doctors around the US, almost tripling its base. This is the second significant acquisition it has completed – it bought Calyx Corp, Brookfield, Wisconsin in September. Physician also said a major investor would provide up to $17m in financing and had agreed to buy, at the request of the company, up to 5m new shares at $1 per share, should the company require funds to pay notes written to acquire Wallaby or Calyx Corp. Physician reached an agreement with IBM Credit Corp that will eliminate approximately $18m of liabilities from its balance sheet, including long-term obligations to IBM Credit Corp and accrued dividends on Physician preferred stock; it also won title to leased equipment.
