Strategic acquisition will significantly expand AMICAS' presence in image and information management market
BOSTON, and BIRMINGHAM, Ala., Feb. 23 /PRNewswire-FirstCall/ -- AMICAS, Inc. (Nasdaq: AMCS), a leader in radiology and medical image and information management solutions, and Emageon Inc. (Nasdaq: EMAG) announced today that they have entered into a definitive merger agreement for AMICAS to acquire Emageon Inc., a leading provider of technology solutions for hospitals and healthcare networks.
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Under the terms of the agreement, a subsidiary of AMICAS will commence a tender offer to acquire all of the outstanding shares of Emageon common stock for $1.82 per share in cash, for a total of approximately $39 million. The board of directors of Emageon has unanimously recommended that shareholders tender their shares in the offer. AMICAS ended 2008 with a cash, cash equivalents, and marketable securities balance of approximately $55 million and no long term debt.
'AMICAS and Emageon have a shared vision that is focused on providing outstanding image and information management solutions in healthcare,' said Stephen Kahane MD, president, chief executive officer, and chairman of AMICAS. 'We at AMICAS are extremely excited about joining forces with Emageon, and we believe that our combined offerings are in line with the future of imaging and will result in great innovation for our combined customer base and the future of the market.'
AMICAS' acquisition of Emageon will create a leading healthcare IT vendor, with more than 1,000 customers, that offers one of the most comprehensive image and information management solutions on the market. The combined solution suite will include radiology PACS, cardiology PACS, radiology information systems, cardiology information systems, revenue cycle management systems, referring physician tools, business intelligence tools, and enterprise content management capabilities.
'Emageon and AMICAS are two of the largest independent image and information management companies in the market,' said Chuck Jett, chief executive officer and president of Emageon.
