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CompuGroup Medical AG

EANS-News: CompuGroup Medical AG - acquisition of Visionary Healthware Group in USA

Koblenz (euro adhoc) -

  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
Joint Ventures/Cooperation/Collaboration
CompuGroup Medical AG has today entered into
an agreement for the purchase of 100% of the shares in American 
Healthcare Holdings, Inc., Visionary Medical Systems, INC. and 
Visionary RCM, INC. ("Visionary Healthware Group"). Visionary 
Healthware Group is a provider of practice management software and 
electronic health records to approximately 10,000 office-based 
doctors in USA, and also a vendor of laboratory information systems 
and revenue cycle management services. Total sales in 2009 were about
$28.0 million and EBITDA was about $6.2 million, with 55% recurring 
revenues plus additional 20% predictable and repeat revenues.
With a headquarter in Tampa, Florida, Visionary Healthware Group 
serves an impressive customer base that spans the United States, 
covering healthcare organizations, physicians´ offices and 
laboratories. The company was ranked #71 in the 2009 Healthcare 
Informatics Top 100 Healthcare Information Technology Companies list 
and has 200 employees, led by an experienced management team with 
significant domain knowledge.
This acquisition comes at a particularly exciting time in USA with 
the Healthcare Information Technology Economic and Clinical Health 
Act (HITECH) providing almost $20 billion to healthcare information 
technology aimed at Visionary´s customer group. With 10,000 closely 
served doctors and a total network of doctors estimated at up to 
60,000 (including the LIS, managed care consulting and RCM business),
there are significant and untapped cross-selling opportunities in 
Visionary Healthware Group based on the HITECH stimulus.
With this acquisition, CompuGroup Medical AG continues its strategy 
and growth based on the greatest coverage among healthcare providers 
(physicians, dentists, hospitals etc.) worldwide. The company, one of
the leading global providers of eHealth solutions, has this year 
placed particular emphasis on increasing its presence in the United 
States and Frank Gotthardt, Chairman of the Board of CompuGroup 
Medical AG, stated: "The US is a core market for CompuGroup Medical. 
With the network of doctors now served through Noteworthy and 
Visionary we are quickly moving up the ranks of healthcare IT 
companies in USA. I am particularly excited about this accelerating 
development and l repeat our commitment to do everything in our power
to make the United States a key future market for CompuGroup 
Medical."
The payment for all debt and equity in the entities acquired is 
expected to total $44 million in cash plus an additional variable 
consideration over the next 2 years of up to $21 million depending 
primarily on the continued growth in number of users. The initial 
purchase price will be financed through cash at hand and new 
long-term debt. The shares of the acquired entities will be held by 
CompuGroup Holding USA, Inc., a wholly-owned subsidiary of CompuGroup
Medical AG. The closing of the transaction is scheduled for September
1st 2010.
Visionary Healthware Group will be consolidated in the Group accounts
of CompuGroup Medical AG beginning September 1st 2010. For the 
remainder of 2010, the transaction is expected to increase Group 
revenue by approximately EUR 8 million with no significant effect on 
EBITDA net of transaction expenses.
Novahill Partners and its WestEnd Alliance affiliate, Wellness 
Business Partners, served as financial advisors to CompuGroup Medical
AG in this transaction.
About CompuGroup Medical AG CompuGroup Medical is one of the leading 
e-health companies worldwide. Its software products, designed to 
support all medical and organizational activities in doctors´ offices
and hospitals, its information services for all parties involved in 
the healthcare system and its web-based personal health records 
contribute towards safer and more efficient healthcare. The services 
of CompuGroup Medical are based on its unique customer base of around
360,000 doctors, dentists, hospitals and networks as well as other 
service providers. CompuGroup Medical is the e-Health company with 
one of the biggest coverage among e-health service providers 
worldwide. The company operates in 14 European countries as well as 
in Malaysia, Saudi Arabia, South Africa and in the USA and currently 
employs around 2,800 people.
Conference Call for Journalists, Investors and Analysts: The 
management board of CompuGroup Medical AG will go through the 
Visionary Healthware Group acquisition at a conference for analysts 
and investors on Tuesday, August 31st at 15:00 hours CEST. The 
conference will be broadcast live via telephone (see the following 
list of telephone numbers). Its recording can be replayed later.
You can participate in this conference call by dialing one of the 
following phone numbers: +49 69 210869703 (Germany) +44 16 16018902 
(UK) +1 2153054495 (USA) Participant code: 18561270
At the beginning of the conference call, a presentation will be made 
available for download on the CompuGroup Medical website at 
www.cgm.com.
end of announcement                               euro adhoc

Further inquiry note:

CompuGroup Medical AG
Barbara Zörner
Consultant Press & Media
T +49 (0) 261 8000-1293
F +49 (0) 261 8000-3284
E-Mail: press@cgm.com

Branche: Software
ISIN: DE0005437305
WKN: 543730
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade

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