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October 01, 2006
TietoEnator Buys Cymed For €5M For eHealth Biz
TietoEnator, which is a serial acquirer in Europe (usually non-VC-backed), has purchased healthcare IT provider Cymed AG for €5.1M.
The Finnish IT company, which spreads itself widely with IT services and products for the banking, telecom, healthcare and forestry sectors, says that this deal is part of its strategy to establish a larger roll for itself in the Euro healthcare sector. It has made several buys in the German healthcare market, including ITB Informationstechnologie Beratung AG in January 2005 and Waldbrenner AG in January 2006.
Interesting to note that the Finnish press says that TietoEnator, whose market cap is €1.7B, is a buyout target - but then again considering the amount of money buyout firms have raised this year, you can bet that every listed company in Europe with a market cap of a couple of billion or less are buyout targets.
Cymed, which employs 34, is specialised in information solutions and hygiene routine tracking for laboratories and hospitals. It says its net sales in 2006 are expected to be €3.5 million. Cymed's management will stay on post-acquisition.
Read - Analyst Tietoenator Up On Buyout Talk (dow jones)
Read - TietoEnator strengthens its position in European healthcare market by acquiring the German Cymed AG (press rel.)
Posted on October 1, 2006 07:53 AM | Posted to News And Updates | Permalink
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