PracticeAuditiSoft bought by Australian group

iSoft bought by Australian group

Shares go up as Australian rival buys troubled iSoft for £140m

The troubled health sector IT company,
iSoft, has been bought by an Australian
health information firm,
IBA.

iSoft made headlines last year with an accounting
scandal months after it was tasked with
overhauling the government’s healthcare IT systems.

IBA, which is a smaller firm listed in Australia, finalised the £140m deal
last night, setting the value of each iSoft share at 58.1p.

The group plans to refinance the company through a share placing,
underwritten by ABN Amro, to raise £84m.

iSoft shares closed up 11% yesterday at 52.5p.

Further reading:

Australian rival lining up bid for iSoft

Backers sought for beleaguered iSoft

iSoft auditors and directors facing AIDB
probe

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