Philips completes takeover of Stentor

10 August 2005

Andover, Mass. USA. Philips Medical Systems, has completed the acquisition of a 100% stake in Stentor Inc. a supplier of technology for the distribution, management, and storage of digital medical images. The takeover is designed to strengthen Philips position as a primary supplier of technology to the healthcare information technology (IT) market. The acquisition makes Philips the number 2 supplier of picture archiving and communications systems (PACS) globally.

"We are convinced that Stentor and its people are a great asset to Philips and our customers," said Jouko Karvinen, CEO of Philips Medical Systems. "We are able to offer a complete and integrated portfolio from diagnostic imaging and monitoring to departmental IT solutions and enterprise IT to our customers. In addition, it will help us become an even better partner for healthcare organizations."

"In the past three months Stentor has experienced its highest revenue quarter to date, complimented by 14 new customer contracts, including a 7-year contract renewal from Henry Ford Health System," said Oran Muduroglu, former Stentor President and now head of the global PACS business for Philips Medical Systems. "Moving forwards as the Philips Global PACS Business, we will leverage Philips leading position in the healthcare IT space and continue to focus on our customers and dedicate ourselves to providing superior solutions that in turn, enable providers to enhance patient care, increase efficiencies and lower costs."

Stentor's continued strong business performance was re-enforced by its continued success on customer satisfaction, having received the #1 PACS rating for acute care facilities over 200 beds in the KLAS Industry Report mid-year 2005, following on the heels of its #1 position in 2003 and 2004. By ranking Stentor first among the top ten PACS providers, the KLAS 2005 Mid-Year Report Card demonstrates Stentor's continued customer-focused leadership in the PACS category.

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