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News release
06/01/2005
Ortivus acquires German Medos
Swedish company Ortivus AB, listed on the O list of the Stockholm Stock Exchange (OM Stockholmsbörsen), has acquired German medical software company Medos AG with associated companies. The acquisition establishes Ortivus on the important German market at the same time as it strengthens the Group's product portfolio.
The purchase price paid in cash, amounts to approximately 7.6 M€ (70 MSEK). The purchase agreement includes a supplementary purchase price of a maximum of 0.7 M€ (6,5 MSEK) if certain conditions are met over the next three-year period. The purchase proceeds have in half been paid by means of cash and in half by long term financing. As a result of the acquisition the debt/equity-ratio of the Ortivus Group will decrease from 84% to 70%.
Medos' revenues amounts to 10 M€ (92 MSEK) with positive profitability. The company has a total of 63 employees. Contribution to Ortivus Group pre-tax profit is expected positive in the range of 5-8 MSEK in 2005.
The acquisition of Medos AG is a key component in Ortivus' growth strategy and provides the Ortivus Group with a direct presence on the German market as well as additional products and services. Medos was established in 1978 and develops highly sophisticated IT solutions for the health care area.
Medos provides Ortivus with an extensive, established sales and service organization in the German market with its head office in Langenselbold outside Frankfurt and sales offices in Dresden, Mönchengladbach, as well as in Skanderborg, Denmark.
"I’m excited seeing Ortivus as a new owner. The combination of Medos and Ortivus' product portfolios ensures the company's success and further development," says current owner and founder Horst-Dieter Strüter.
"This acquisition is part of our strategic focus on strengthening Ortivus' position in Europe. Our market analyses show that Ortivus has great potential in Germany. In addition, Medos' products and services within clinical, departmental as well as image processing and archiving systems complement and broaden the Ortivus Group's offerings" says Mikael Strindlund, CEO of Ortivus.
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About Ortivus:
Ortivus offers integrated software solutions for Emergency Medical Services and Public Safety. The North American Subsidiary develops and markets the following pre-hospital applications: EMS billing, patient care reporting, computer-aided dispatch, automatic vehicle location, mobile data application, and patient vital signs monitoring and data transmission.
The Ortivus vision is to be the customer’s preferred provider of integrated information and decision-making software support systems in the Emergency Medical Service, Public Safety and Healthcare industries.
Ortivus operates out of two North American corporate office locations (Decorah, Iowa, US and Montreal, Quebec, Canada), as well as several international locations (Sweden, Denmark, Germany and Great Britain).