IBA buys NHS software supplier for £140m

15 May 2007
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16 May 2007 | Gareth Mytton

Australian health information company IBA Health has snapped up iSoft, the troubled software company.

The deal for iSoft - the company central to the government's Connecting for Health IT programme - values the software company at £140 million.

It will create one of the largest providers of information to the healthcare market. In a statement, iSoft said the deal was expected to result in annual savings of approximately £11 million, arising primarily from a reduction of overheads through the removal of duplicated infrastructure and premises.

Gary Weston, chairman and acting CEO of iSoft, said the takeover "will enable continuity on NPfIT [the NHS's National Programme for IT] on a sound footing and will establish a platform for growing the business in the future".

iSoft put itself up for sale last October, in a bid to secure its future. In the year to April 2006, it posted a pre-tax loss of £344 million.

SMmay2007

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