National Data Corporation (NYSE: NDC)(NDC) announced today that it has closed the previously announced purchase of Source Informatics Inc. (Source), a privately-held company, and the Over-The-Counter (OTC) Physician Survey business unit of Pharmaceutical Marketing Services Inc. (PMSI).
On August 20, a definitive agreement was announced under which NDC would acquire both health care database information management businesses.
Under the terms of the agreement NDC paid $35,744,000 and issued 2,670,298 shares, giving the transaction a value of approximately $122,528,685, based upon NDC’s closing price of $32.50 per share on December 15, 1997.
Robert A. Yellowlees, Chairman and CEO, said: “Source and the OTC business are a direct extension of our health information services strategy. They provide us with a significant group of talented people and a customer set that will be the nucleus of our new health information management business.
This acquisition accelerates our time to market. It also allows NDC to integrate it with our other services more effectively than building this capability internally over a multi-year period. This capability, combined with the breadth and depth of our existing health care offerings, places NDC in an even more unique position in a market that is demanding more timely information to reduce cost and improve the quality of health care.”
National Data Corporation is a leading provider of health information services and payments systems solutions.
When used in this report, press releases and elsewhere by management or the Company from time to time, the words “believes,” “anticipates,” “expects” and similar expressions are intended to identify forward-looking statements concerning the Company’s operations, economic performance and financial condition, including in particular, the likelihood of the Company’s success in developing and expanding its business. These statements are based on a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company, and reflect future business decisions, which are subject to change. A variety of factors could cause actual results to differ materially from those anticipated in the Company’s forward-looking statements, some of which include competition in the market for the Company’s services, continued expansion of the Company’s processing and payment systems markets, successfully completing and integrating acquisitions in existing and new markets and other risk factors that are discussed from time to time in the Company’s Securities and Exchange Commission (“SEC”) reports and other filings. Readers are cautioned not to place undue reliance on these forward- looking statements, which speak only of the date hereof. The Company undertakes no obligations to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or thereof, as the case may be, or to reflect the occurrence of unanticipated events.Details