Constellation Software’s Harris Operating Group Acquires Allscripts Hospitals and Large Physician Practices Business Segment
March 02 2022 - 5:33PM
Constellation Software Inc. (“Constellation”) (TSX:CSU) announced
today that it has, through its wholly-owned subsidiary, N. Harris
Computer Corporation (“Harris”), completed an agreement with
Allscripts Healthcare Solutions (“Allscripts”) (NASDAQ:MDRX)
to acquire the net assets of Allscripts’ Hospitals and Large
Physician Practices business segment. The Hospitals and Large
Physician Practices business segment includes the Sunrise™,
Paragon®, Allscripts TouchWorks®, Allscripts® Opal and dbMotion™
solutions. The assets of Allscripts Veradigm business segment are
not included in this transaction and will continue to be owned by
Allscripts going forward. “We have been watching and
admiring the hospitals and large physician practices franchise for
many years,” said Harris CEO Jeff Bender. “We believe that we are
the perfect forever home for the many talented employees and loyal
customers that are the backbone of the franchise. We are excited to
begin the next chapter in our Harris story, continuing to serve
those who serve us in the communities where we live, by partnering
with healthcare professionals to deliver care that improves
lives.” Jerry Canada, Harris Group President for
Healthcare, added, “Allscripts has a long and rich history of
providing solutions to healthcare organizations. Harris is excited
to welcome the staff and customers that helped make Allscripts a
success in the hospitals and large physician practices segment. We
believe that the employees and customers of both organizations will
benefit from the possibilities created by this forever
relationship. I have personally been fortunate to engage with the
leadership team during this process and I am looking forward to
exploring and realizing our potential
together.” “The medical industry we faithfully
serve has gone through tremendous change and the needs of the
customers in our different business segments continue to evolve in
different ways. We think this transaction maximizes focus as well
as future opportunity for our clients, our more than 7,500
associates and our shareholders,” said Paul M. Black, Allscripts
Chief Executive Officer. “Harris has demonstrated excellence in
software development, customer satisfaction and worldwide growth in
healthcare. We are pleased that our solutions will be a key
strategic component of Harris’ plans to becoming leaders in digital
health. As the cornerstone in the Harris portfolio, we are proud
that our customers will continue to benefit from a true platform of
health.” The purchase price consideration is up to
US $700 million cash, consisting of a fixed price of $670 million
to be paid at closing, plus contingent consideration of up to $30
million based on performance of the business during the two years
following transaction closing. Completion of the transaction is
subject to regulatory approval and customary closing conditions.
The transaction is expected to close during the second quarter of
2022. Allscripts’ Hospitals and Large Physician Practices gross
revenue for the period ended December 31, 2021 was
US $928M. Constellation expects to finance the Allscripts
acquisition on a stand-alone basis. About the
Harris Operating Group Harris provides mission critical
software solutions for the Public Sector, Healthcare, Utilities and
Private Sector verticals throughout North America, Europe, Asia and
Australia. Harris’ focus is on creating long-term relationships
with its customers and ensuring that it meets the changing needs of
its customers over time. Further information about Harris may be
obtained from its website
at www.harriscomputer.com. About Constellation
Software Inc. Constellation's common shares are listed on
the Toronto Stock Exchange under the symbol "CSU". Constellation
acquires, manages and builds vertical market software
businesses. About Allscripts Allscripts
(NASDAQ: MDRX) is a leader in healthcare information technology
solutions that advance clinical, financial and operational results.
Our innovative solutions connect people, places and data across an
Open, Connected Community of Health™. Connectivity empowers
caregivers to make better decisions and deliver better care for
healthier populations. To learn more,
visit www.allscripts.com, Twitter, YouTube and It Takes A
Community: The Allscripts Blog. For further
information, contact: Constellation Software
Inc. Jamal Baksh, Chief Financial Officer Tel:
(416)
861-9677 jbaksh@csisoftware.com www.csisoftware.com Allscripts
Healthcare Solutions, Inc. Investors: Jenny
Gelinas 312-506-1237 Jenny.Gelinas@allscripts.com Media: Tom
Lynch 312-386-6765 tom.lynch@allscripts.com
Constellation Software (TSX:CSU)
Historical Stock Chart
From Jun 2024 to Jul 2024
Constellation Software (TSX:CSU)
Historical Stock Chart
From Jul 2023 to Jul 2024