Harris to acquire Carefx for $155M
Harris Corporation Healthcare Solutions, an international communications and information technology company, will acquire Carefx Corporation, a provider of interoperability workflow solutions, for $155 million. Officials said Tuesday that the deal was agreed to at the HIMSS conference.
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, said officials.
"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."
[See also: Harris Corporation to develop HIE for Florida]
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.
Founded in 2002, Carefx is headquartered in Scottsdale, Ariz., 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. The Fusionfx platform is used in more than 800 hospitals, healthcare systems, and health information exchanges across North America, Europe and Asia.