$15 million deal to purchase Hatrix

The buyer says the acquisition reflects a growing interest in electronic solutions for medication management and administration.

Australia’s largest health IT company, IBA has agreed to acquire software company Hatrix in a deal that could be worth as much as $15 million.

IBA is the producer of the iSoft clinical care management system and Hatrix has developed an electronic medication management system for acute and aged care.

The acquisition will put IBA in a position to expand the sales of Hatrix’s MedChart medication management solution using its global customer network.

IBA Executive Chairman and CEO, Gary Cohen, said Hatrix offered the company a proven and innovative solution that will deliver real benefits for patients and carers.

“We know Hatrix’s people and products,” he said. “They have already sold products linked to existing pharmaceutical products under prime license from us in New Zealand,” he said. 

“We also believe this will position [IBA] to work with the Australian Government in its desire to rollout medication management solutions to the Australian public hospital sector.”

IBA will build on Hatrix’s products to further develop its own medication management solution.

There are also plans to use the MedChart solution to underpin a new iSOFT solution that will enable authorised clinicians from different provider organisations to review and update shared medication records held in a secure repository.

This could include shared systems between hospitals and aged care facilities.

“Market interest in medication management solutions is on the increase,” said Mr Cohen.

“Hatrix, by themselves, do not have the size and financial wherewithal to drive sales growth and make the most of the opportunity.

“We have the global footprint and the existing sales pipeline, as well as a compatible product pipeline, for Hatrix’s products to realise their full potential.”

IBA will pay Hatrix shareholders an initial consideration of $2 million and a further earn-out capped at $13 million will be paid over the next three years.

All Hatrix systems will come under the iSOFT umbrella but the MedChart name will be maintained.

Tags: hatrix, iba, isoft, medication-management,

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement