Agfa to acquire cardiology supplier Heartlab
18 April 2005
Mortsel, Belgium & Westerly, R.I., USA. Agfa-Gevaert has announced that it
has reached an agreement to acquire all of the shares of Heartlab, Inc., a
leading designer and supplier of image and information networks for
cardiology. The transaction price consists of $132.5 million, to be settled
in cash at closing, subject to regulatory approval. The acquisition is
immediately cash accretive.
Combined with other recent acquisitions, this move strengthens Agfa's
leadership position in healthcare IT significantly, enhancing its cardiology
solutions portfolio. In addition, by acquiring Heartlab, Agfa expands its
presence in U.S. hospitals. Cardiovascular conditions account for one out of
every four hospital admissions in the U.S.
Heartlab was founded in 1994 and is headquartered in Westerly, Rhode
Island (USA). In 2004, the company's 160 employees generated revenues of USD
38.3 million and EBITDA of USD 5.4 million. Heartlab customers include many
of North America's leading academic and research cardiovascular care
centers.
Consistently ranked as a top industry performer, Heartlab has pioneered
the creation of industry standards and the development of clinical products
that improve management of cardiovascular disease.
Agfa and Heartlab have been collaborating since December 2003, within a
distribution agreement for Agfa's IMPAX(R) for Cardiology. The joint
solution allows for the smooth integration of radiology and cardiology, the
two most image intensive departments within hospitals, enabling information
to flow more efficiently within the healthcare enterprise and facilitating
management of the electronic patient record. This all-in-one solution
incorporates the clinical technology and diagnostic tools of Heartlab with
Agfa's integration and workflow expertise.
"The combination of Heartlab and Agfa will result in substantial growth
based on an even more competitive solutions portfolio and our presence and
reputations in leading hospitals around the world," said Ludo Verhoeven,
Agfa's President & Chief Executive Officer. "This is an important step in
implementing our healthcare strategy and fits well with recent
acquisitions."
Philippe Houssiau, President of Agfa's HealthCare business group
commented: "Heartlab, with its innovative drive and specialization in
cardiology, and its market access in the United States, complements Agfa
perfectly. Cardiology is a cornerstone of our healthcare IT strategy and
with the integration of Heartlab, we are poised to become a leader in
cardiology solutions worldwide. This move will allow us to further leverage
our full HealthCare portfolio and it suits our holistic approach, unique to
Agfa, whereby we provide integrated hospital-wide solutions and in-depth
clinical know-how."
Heartlab Inc. CEO and co-founder Robert Petrocelli added: "Joining Agfa
offers Heartlab new opportunities in global markets, and thereby strengthens
the portfolio and benefits our customers and their patients. We are building
on the successful cooperation between the two companies and excel in
offering tightly integrated systems within a multi-modality environment."
After the acquisition closes, Mr. Petrocelli will manage Agfa's Cardiology
business unit.
For more information:
www.agfa.com
www.heartlab.com
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