IBA Health Group Limited (ASX: IBA) –Australia's largest listed health information technology company today announced it has agreed to acquire Australian-based Hatrix Pty Ltd. in a deal worth up to $15 million. Hatrix develops electronic medication management solutions for acute care, aged care and community health care providers in Australia and New Zealand. Formal completion of the deal will occur in the next few days.

IBA will pay Hatrix shareholders an initial consideration of $2 million. A further earn-out, capped at $13 million, may be paid over three years and payable in cash or shares at IBA’s election. 

IBA, through its iSOFT business, will leverage its global customer base to boost sales of Hatrix’s flagship MedChart medication management solution. Medchart is already integrated with iSOFT software products at a number of iSOFT’s installed customer sites and will be particularly relevant for customers in Australia, New Zealand, U.K, and Southeast Asia. iSOFT will also use Hatrix’s expertise in further developing its own LORENZO medication management solution. 

Medchart also underpins a new solution that iSOFT will bring to market, initially in Australia, called Medshare. The new product will enable authorised clinicians from different health provider organisations to review and update a shared patient medication record that is held in a secure repository. 

IBA Executive Chairman & CEO, Gary Cohen, said: “This is the kind of acquisition that allows us to leverage our global footprint with a proven and innovative medication management solution that will deliver real patient and carer benefits. We also believe this will position the company to work with the Australian government in its desire to rollout medication management solutions to the Australian public hospital sector.”