For those that didn't know: IBA acquisition continues drive for the GP Market 8/12/2005 Sydney, 28 June 2005 - IBA Health Limited (ASX:IBA) Australia's largest ASX listed eHealth company announced today their acquisition of the Australian and New Zealand operations of Monet Technologies - a major supplier of administrative and clinical systems and radiology information system (RIS) to corporatised, multidisciplinary medical centres and radiology practices. This acquisition further consolidates IBA's position as the supplier of choice to Australian GP's and Specialists who operate multi doctor and multi site practices.
The acquisition of Monet will contribute an established client base, including an exclusive agreement to deliver Monet's administrative and clinical systems to Independent Practitioner Network Limited (ASX:IPN), Australia's leading operator of multidisciplinary medical centres. IPN is Australia's only community-based medical centre provider with a national footprint, working in partnership with almost 1,000 independent clinicians, supporting the provision of over 3.5 million patient consultations per annum. Monet, together with IPN, have established a world class extensive and sophisticated healthcare infrastructure and application platform. IBA Health has purchased Monet's Australian & New Zealand operations for $11.2m. The Monet acquisition is earnings accretive contributing over $1m in EBITA on an annualised basis. The consideration was settled by a combination of $6.7m cash and $2.5m in IBA shares with $2M (cash and shares) deferred over a 2 year period. "The Board's strategy is to grow and strengthen IBA's position in the overall health technology sector", said Gary Cohen Executive Chairman of IBA Health. Through the Monet acquisition IBA with its newly launched business - NxtHealth, will be the number one provider of systems to the growing multi practice market, delivering systems to Australia's two largest corporatised GP companies. "The acquisition of Monet's Australian and New Zealand business, the NxtHealth prospectus for DOCs and these new strategic partnerships, will help us deliver more services to GP's and Specialists - sooner, and at even greater value to both our business and our growing community of doctors", concluded Gary Cohen. "Monet services the enterprise and large medical Centre market and together with IBA, we will continue to be the leading provider to the professional healthcare, multi site and multi doctor practice market. This acquisition allows us to concentrate on continuing to deliver innovative healthcare technologies to providers and patients", remarked Dr. Farhad Abar, Chief Executive Officer of Monet Technologies Inc. "IBA brings additional competitive advantages to both our present clients and our new ones. Our clients are extremely sophisticated heavy users of medical technology and will see real returns from this partnership" Dr. Abar added. Commenting on the acquisition, CEO of IBA Health, Steve Garrington said, "This acquisition brings the 100 plus IPN practices, and a large number of independents, into the IBA arena and is entirely complimentary to the NxtHealth initiative which we launched recently. Monet has developed an innovative suite of internet-enabled applications and secured a pivotal position in the large GP practice market place. Monet's Australian and New Zealand business, together with our existing GP business, will provide the critical mass that will allow IBA to access greater economies of scale as we deliver a broader range of services to an expanding and profitable sector of the GP market." End of Release Greg King Communications and Marketing Director IBA Health Solutions _______________________________________________ Gpcg_talk mailing list [email protected] http://ozdocit.org/cgi-bin/mailman/listinfo/gpcg_talk
