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IBA Health acquires iSOFT

CHENNAI: Trading in the cash strapped U.K. healthcare software company, iSOFT Group, has been suspended since Thursday on the London Stock Exchange, following its acquisition by IBA Health Group for 166 million pound sterling.

In a note circulated to the employees on Friday, iSOFT Chairman John Weston said the shares would be de-listed on October 30 and it would become a subsidiary of the Sydney listed IBA Health Group. Mr. Weston described his two-year stint as a turbulent one. However, there had been considerable progress since the summer of 2006, he said.

At present, iSOFT has a workforce of 2,700 and a revenue of 175 million pound sterling.

It has development centres in Chennai and Hyderabad that employ over 1,200 professionals. “Following the acquisition, none of the employees will be retrenched,” said a company source.

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