Dallas-based Healthvision Solutions, Inc. has completed the acquisition of MediSoution's Healthcare Information Systems division.
The acquisition included the Montreal-based company's revenue cycle management product, (formerly known as MediAR) as well as its electronic health record systems, patient management suite, clinical department systems, lab information systems and public health and community care solutions.
Healthvision officials say the acquisition will further solidify the company's reach into the Canadian marketplace adding over 300 customers to its current base.
"Closing this transaction marks an exciting milestone for Healthvision. The MediSolution assets in conjunction with our existing business deepens our healthcare domain expertise and will benefit all of our customers," said Russell Fleischer, chief executive officer of Healthvision. "We anticipate a seamless transition as we focus on ensuring every client receives the same high quality service from the same high quality people for all our collective products."
On closing, MediSolution received $36.96 million in cash, which is the base purchase price of $49.5 million less the deferred portion of the purchase price, and less an adjustment based on estimated working capital, including annual support billings.
The deferred portion of the purchase price is equivalent to 10 percent of the base purchase price, or $4.95 million, payable no later than one year from the closing date.
The purchase price is subject to final adjustments following the closing date.
The transaction excluded MediSolution's core resource management suite of products and the blood bank product line, which will remain with the company.
"MediSolution will continue to provide our entire base of healthcare and service organizations with a comprehensive suite of world-class enterprise resource planning products in addition to maintaining and growing our blood bank business," said Paul Lepage, president and chief executive officer of MediSolution.