ResMed (NYSE:RMD) announced today that it completed its previously announced acquisition of Medifox Dan.
In June, ResMed announced an agreement to acquire Medifox Dan for €958.6 million ($984.5 million). Medifox Dan develops clinical, financial and operational software for out-of-hospital care providers. It offers care documentation, personnel planning, administration and billing, among other things.
When the company announced the acquisition, it said it planned to fund the deal with its existing credit facilities. It expects the acquisition to be accretive to its adjusted diluted earnings per share.
Hildesheim, Germany-based Medifox Dan has more than 700 employees. It now operates under its current brand within ResMed’s software as a service (SaaS) business segment.
Medifox Dan offers solutions similar to those already belonging to the company’s leading U.S. SaaS brands. Those brands include MatrixCare and Brightree.
ResMed ‘excited’ to add a ‘leader in software innovation’
“We’re excited to have closed this important expansion of our SaaS business, and to officially welcome Medifox Dan to our ResMed SaaS team and global ResMed family,” said CEO Mick Farrell. “Medifox Dan is a German leader in software innovation, united with the rest of ResMed in its mission to improve tens of millions of people’s lives through technology. Today, its strong offerings and dedicated staff expand ResMed’s out-of-hospital SaaS business into new health sectors, and to build on our strong ResMed healthcare business in Germany, the world’s second-largest healthcare market in per capita spending.”
The company intends to retain MEDIFOX DAN’s employees, locations and business processes. It plans for Medifox Dan to report to ResMed SaaS President Bobby Ghoshal.
“Starting today, we are continuing our success story as part of the ResMed family. With ResMed, we have found an ideal partner –global leaders in digital health, cloud-based SaaS solutions with emphasis on innovation, data privacy and data security – with which we can continue to grow, develop, and provide our customers with secure, state-of-the-art software solutions and services, so they can navigate the challenges of their daily caregiving routines in the best possible way,” said Medifox Dan co-Managing Directors Dr. Thorsten Schliebe and Christian Städtler.
$1 = €0.973653