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CompuGroup Medical SE (CGM) and Cerner Corporation (NASDAQ: CERN), a global health care technology company, have entered into an agreement regarding the acquisition by CompuGroup Medical of a part of Cerner’s portfolio in Germany and Spain. The key products are medico® and Soarian® Integrated Care (S-IC), leading HISs in Germany; Selene®, a leading HIS for public hospitals in Spain, and Soarian Health Archive®, a document archiving solution for healthcare providers. As a result of the acquisition, CompuGroup Medical is strengthening its position in Germany and complementing its portfolio in Spain. The agreed purchase price amounts to EUR 225 million and is subject to final adjustment upon closing. For 2019, revenues attributable to the assets to be purchased were approximately EUR 74 million with an EBITDA of approximately EUR 13 million.
"The products from this acquisition are an excellent fit with our current portfolio," emphasizes Frank Gotthardt, Chairman and CEO of CompuGroup Medical SE. "Existing customers of CGM as well as those of medico, S-IC, S-HA and Selene will benefit from this transaction: The products acquired from Cerner complement our existing portfolio of products perfectly, and we believe the exchange between professionals of all healthcare segments will be further intensified. For all of our customers, this means that they will be optimally prepared for a world in which the patient journey is increasingly cross-institutional and cross-sectoral. And this is true regardless of whether they are doctors' or dentists' practices, hospitals, laboratories, pharmacies, rehabilitation or care facilities or other service providers."
“With this acquisition, we will increase our installed customer base in the hospital information system market. At the same time, we will benefit from a great amount of know-how and expert knowledge from our new colleagues. We are convinced that by combining medico and Selene with the CGM connectivity services and our innovative CGM CLINICAL modules we will be able to generate high and long-term added value for our customers in the future,” says Hannes Reichl, CGM Board Member Clinical and Social Care.
Cerner has embarked on a company-wide transformation focused on improved operating efficiencies, enhanced client focus, a refined growth strategy and a sharpened approach to portfolio management. The sale of these German and Spanish solutions to CompuGroup Medical are reflective of Cerner’s active portfolio management. Barclays acted as exclusive financial advisor to Cerner.
"Most importantly, we believe this is positive for Cerner customers," said Emil Peters, President, Cerner Global. “CompuGroup Medical is a leading, global health-IT company and has a strong customer-centric focus. While we refine our strategic focus and align around Cerner’s core global assets, we believe clients transitioning to CompuGroup Medical will be in very good hands.”
The customer base of the medico product today consists of 251 hospitals in Germany and the customer base of the Selene product consists of 65 hospitals in Spain. Today, more than one million professional users, including doctors, dentists, pharmacies and other health professionals in outpatient and inpatient health care facilities trust CompuGroup Medical.
Michael Rauch, CGM’s CFO, comments: “This transaction is further enhancing our HIS segment and hence reinforcing our business profile of connecting all health care professionals. The acquisition is EPS accretive to CompuGroup Medical in year one on a pro forma basis and strengthens the cash flow profile of CompuGroup Medical.”
Closing of the transaction is expected to occur in the third quarter of 2020, subject to certain regulatory approvals and other closing conditions.