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T.E. Raja Simhan

Would acquire a talent pool of around 1,500 specialists

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Chennai Feb. 21 IBA Health Ltd, an Australian information technology company, has shown interest in buying its UK rival iSOFT group.

If this happens, IBA would get the talent pool of around 1,500 technology and development specialists working in India.

In a statement to the Australian Securities Exchange, IBA Health said it was in discussion with iSOFT, "which may or may not lead to an all-share recommended offer for the company."

Software Applications

Globally, iSOFT has around 3,000 employees and half of them are in its two Indian dedicated offshore development and solution design centres in Chennai and Hyderabad.

The company has invested around $100 million (about Rs 450 crore) in India.

iSOFT supplies software applications for the healthcare sector. The Indian centres are involved in developing its core application set, Lorenzo, and other products that are used by more than 8,000 healthcare organisations in 27 countries for managing patient information, driving improvement in healthcare services.

Enlarged Group

IBA Health in the statement available in its Web site said that the company was in discussions with certain financial institutions to obtain the funding, which would be required should an offer for iSOFT be made by IBA Health. "This funding would refinance the company's existing debt facilities and provide adequate working capital for the ongoing requirements of the enlarged group." A further statement will be made if appropriate, IBA Health said.

IBA Health is the largest health information technology company listed on the Australian Securities Exchange with a market capitalisation in excess of around A$560 million (around £240 million). Mr John Weston, Chairman and acting Chief Executive Officer, iSOFT, in a statement while announcing the company's October interim results for the six months ended October 31, 2006, had said, "On 17 October 2006, we announced that the board had received expressions of interest from a number of parties interested in acquiring iSOFT."

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