CSC seals the deal for iSoft

CSC seals the deal for iSoft

Summary: CSC has finally closed the book on its deal to acquire Australian healthcare software provider iSoft after an uphill battle to add the company to its ranks.

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CSC has finally closed the book on its deal to acquire Australian healthcare software provider iSoft after an uphill battle to add the company to its ranks.

CSC announced its plans to acquire iSoft back in April for $0.17 per share in cash, which drew the ire of ex-iSoft chairman Gary Cohen , who claimed that he had been approached by other investors with better offers.

Cohen dragged the acquisition through the courts in a bid that was eventually thrown out of the NSW Supreme Court. The deal has also been slowed by a fight between investors over the price of convertible notes, which was later resolved.

The completion of the deal sees iSoft delisted from the Australian Stock Exchange and the company's 3000 global employees join CSC.

CSC chairman, president and CEO Michael W Laphen naturally praised the deal.

"The completion of this acquisition is a milestone in the expansion of our global healthcare business," he said.

"CSC is at the forefront of emerging healthcare technologies, giving our clients access to an expanded range of innovative capabilities."

Andrea Fiumicelli, the ex-iSoft chairman, now chief operating officer of CSC's healthcare business, said that the deal is a major step forwards for both parties.

"By combining both organisations, we have created a major force in the healthcare industry with significant opportunities for future growth through richer solutions and much enhanced access to the global market. Building on this platform, our ambition is to become one of the world's leading healthcare IT suppliers," he said in a statement today.

CSC told ZDNet Australia, at the time that the acquisition was announced, that it plans to continue iSoft's plans for restructure and cost cutting to get the acquisition's accounts back in the black.

Topics: Legal, Banking, Health, Outsourcing

Luke Hopewell

About Luke Hopewell

A fresh recruit onto the tech journalism battlefield, Luke Hopewell is eager to see some action. After a tour of duty in the belly of the Telstra beast, he is keen to report big stories on the enterprise beat. Drawing on past experience in radio, print and magazine, he plans to ask all the tough questions you want answered.

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