MELBOURNE, Fla. and
SCOTTSDALE, Ariz., Feb. 22, 2011 /PRNewswire/ --
Highlights:
- Acquisition will expand Harris' ability to provide "trusted
solutions at the intersection of life and data" to government and
commercial healthcare providers
- Carefx solution suite used by more than 800 hospitals,
healthcare systems and health information exchanges across
North America, Europe and Asia
- Fusionfx™ platform gives caregivers a unified view of
patient data -- reducing errors and increasing productivity
Harris Corporation (NYSE: HRS), an international communications
and information technology company, has entered into a definitive
agreement to acquire privately held Carefx Corporation, a leading
provider of interoperability workflow solutions built on its
popular Fusionfx platform. The acquisition will expand
Harris' capabilities in government healthcare, provide an entry
into the commercial healthcare market, and strengthen its overall
position as a leading provider of interoperability solutions.
Founded in 2002, Carefx is headquartered in Scottsdale, Arizona and has nearly 250
employees worldwide. The company's Fusionfx platform is an
interoperable, intuitive solution suite that incorporates the
latest standards-based technologies and industry best practices to
streamline retrieval, access and use of patient information.
Fusionfx aggregates patient information across existing
systems and delivers it in a single, clear, clinically relevant
view to physicians at the point of care -- enabling them to offer a
more consistent, higher quality experience for the patient,
reducing clinical errors and increasing individual
productivity.
The Fusionfx platform is used in more than 800 hospitals,
healthcare systems, and health information exchanges across
North America, Europe and Asia. Carefx customers include the
Boston Medical Center, Emory University
Hospital, Northwestern Medical Hospital, the Louisiana Rural Health
Information Exchange, Johns Hopkins Health System and Cambridge University Hospitals.
Carefx also partners with the industry's leading infrastructure
and healthcare information technology vendors, including Cerner, GE
Healthcare, IBM and Oracle.
"This acquisition will enable Harris to provide an expanded
range of interoperability solutions to both government and
commercial healthcare providers," said Howard L. Lance, chairman, president and chief
executive officer, Harris Corporation. "Carefx serves
high-growth markets. Their product suite and sales channels
will position Harris to deliver trusted, comprehensive workflow
integration that ultimately leads to better care and lower
healthcare costs."
"Carefx has been transforming the way hospitals and healthcare
providers achieve interoperability between disparate systems – and
achieve federal requirements for Meaningful Use," said Jim Traficant, vice president and general
manager, Harris Healthcare Solutions. "By giving clinicians
the information they need – where and when they need it – the
Fusionfx solution suite creates a seamless end-user
experience."
Under the terms of the agreement, Harris will purchase Carefx
for $155 million in cash, subject to
post-closing adjustments. The acquisition of Carefx is
subject to customary closing conditions and is expected to close in
the fourth quarter of fiscal year 2011. Harris will finance
the acquisition using a combination of cash on hand and commercial
paper.
Harris has provided interoperability solutions for large-scale
health information exchange enterprises such as the Department of
Veterans Affairs, the Department of Defense, and the Social
Security Administration. Harris also has effectively extended
federal interoperability solutions to the private sector where over
half of all care is provided for active duty and retired service
members. In addition, Harris was recently selected to create
the Florida statewide health
information exchange (HIE) to enable greater interoperability among
care providers across the state.
Harris provides a range of healthcare enterprise intelligence
solutions and services for commercial and government customers,
including interoperability, imaging, managed services
infrastructure, systems and cyber integration, and informatics.
Harris products, systems, and services improve health
outcomes by ensuring that the right information is delivered with
security and privacy to the right person, on the right device, at
the point of care.
About Harris Corporation
Harris is an international communications and information
technology company serving government and commercial markets in
more than 150 countries. Headquartered in Melbourne, Florida, the company has
approximately $5 billion of annual
revenue and more than 16,000 employees — including nearly 7,000
engineers and scientists. Harris is dedicated to developing
best-in-class assured communications® products, systems, and
services. Additional information about Harris Corporation is
available at www.harris.com.
Forward-Looking Statements
Statements in this press release that are not historical facts
are forward-looking statements that reflect management's current
expectations, assumptions, and estimates of future performance and
economic conditions. Such statements are made in reliance upon the
safe harbor provisions of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements in this release include but are not
limited to: anticipated timing of the closing of the acquisition of
Carefx and satisfaction of the conditions to closing, the impact of
the acquisition on Harris earnings, and statements regarding
outlook, including revenue and growth opportunities. The company
cautions investors that any forward-looking statements are subject
to risks and uncertainties that may cause actual results and future
trends to differ materially from those matters expressed in or
implied by such forward-looking statements. The company's
consolidated results and the forward-looking statements could be
affected by many factors, including but not limited to: the loss of
our relationship with the U.S. government or a shift in U.S.
government funding; potential changes in U.S. government or
customer priorities; risks inherent with large long-term
fixed-price contracts, particularly the ability to contain cost
overruns; financial and government and regulatory risks relating to
international sales and operations; our ability to continue to
develop new products that achieve market acceptance; the
consequences of future geo-political events; strategic acquisitions
and the risks and uncertainties related thereto, including our
ability to manage and integrate acquired businesses; performance of
our subcontractors and suppliers; potential claims that we are
infringing the intellectual property rights of third parties; the
successful resolution of patent infringement claims and the
ultimate outcome of other contingencies, litigation and legal
matters; risks inherent in developing new technologies; changes in
our effective tax rate; the potential impact of natural disasters
or other disruptions on our operations; the potential impact of a
security breach, through cyber attack or otherwise, or other
significant disruptions of our IT networks and systems or those we
operate for customers; the potential impact of satellite bandwidth
constraints on our managed satellite communications services;
changes in future business conditions that could cause business
investments and/or recorded goodwill to become impaired; and the
recession in the United States and
general downturn in the global economy. Further information
relating to factors that may impact the company's results and
forward-looking statements are disclosed in the company's filings
with the SEC. The forward-looking statements contained in this
release are made as of the date of this release, and the company
disclaims any intention or obligation, other than imposed by law,
to update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise.
SOURCE Harris Corporation