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February 11, 1997updated 05 Sep 2016 12:00pm

SYNETIC TAKES HEALTH TO INTERNET WITH AVICENNA BUY

By CBR Staff Writer

Synetic Inc, Elmwood Park, New Jersey health-care computing specialist, has acquired Avicenna Systems Corp, formed in Cambridge, Massachusetts to create intranet networks for managed health-care plans, health-care delivery systems and hospitals, for $30.5m in shares. Avicenna provides us with an organization with a common vision for confidential, secure Internet health-care commerce, and a talented management team with relevant experience, declares a happy Martin Wygod, chairman of Synetic. Synetic will take an unspecified charge for the quarter just ended to account for the takeover. It also agreed to issue to key management shareholders of Avicenna a series of non-transferable warrants covering 250,000 shares of Synetic, exercisable after December 23 1998 at $54.50 per share. The acquisition is described as a step in its stated efforts to provide inter-enterprise communications for health-care commerce.

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