Continuing its bid to expand its presence in the healthcare IT market, Agfa HealthCare has reached an agreement to purchase cardiac image and information management firm Heartlab for $132.5 million in cash.
The two firms have been collaborating since December 2003, with Heartlab providing Agfa with technology used in Agfa's Impax for Cardiology network. The Westerly, RI-based firm has installations in 250 cardiology care networks, and produced 2004 revenues of $38.3 million and EBITDA (earnings before interest, taxes, depreciation, and amortization) of $5.4 million.
Heartlab CEO and co-founder Robert Petrocelli will stay on to manage Agfa's cardiology business unit after the deal closes. The transaction, which is subject to regulatory approval, will be immediately cash-accretive, according to Agfa.
By AuntMinnie.com staff writers
April 18, 2005
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