Financial Daily from THE HINDU group of publications
Wednesday, Jun 19, 2002
Financial Daily from THE HINDU group of publications Wednesday, Jun 19, 2002 |
|
|
|
|
|
Info-Tech
-
Software Corporate - Outlook iSoft likely to get more projects now Raja Simhan T.E.
CHENNAI, June 18 THE Chennai software product development centre of iSoft, the UK-based healthcare software provider, is likely to receive increased projects following iSoft's $48.8 million acquisition of the healthcare unit of Northgate Information Solutions, UK. For iSoft, TechMARK, Chennai is the core product development centre with focus on billing, hospital management system, finance and clinical (for physicians) products. Chennai, along with Manchester, UK, is also a major R&D centre for iSoft which is listed on the London Stock Exchange. Northgate's healthcare unit, which recorded a profit of 400,000 pounds on sales of 10.6 million pounds in the year to April, primarily sells electronic patient record systems into NHS trusts in the UK. Confirming the acquisition news, Mr Ravan Boddu, CEO, told Business Line, ``While there would not be immediate benefit for the ODC, there would be significant business coming to Chennai in the long-term. The acquisition would create increased opportunities for sales growth for iSoft. We would also benefit from Northgate's customers.'' He was not able to quantify the increase in the size of the projects to the Chennai centre. In January 2001, the iSoft Group, suppliers of healthcare information systems, launched its product development centre in the city. The company's Chief Executive, Mr Patrick Cryne, had said at a press conference here in August 2001 that the company proposed to invest $6.75 million and recruit 75 people. For the second year-end, the company's total investment in Chennai centre, pegged earlier at $9 million and 90 people, has now been increased to $13.5 million and 135 people. However, the company surpassed the figures, and currently had about 100 employees, and planned to touch about 125 soon, said Mr Boddu. iSoft reported pre-tax profits more than doubled by the year ended April 30, 2002 to 12.2 million pounds (5.3 million pounds) on sales of 60 million pounds (31 million pounds).
Send this article to Friends by E-Mail
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |
Copyright © 2002, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|