|Products||Healthcare Software Applications|
iSOFT is an international supplier of software applications for the healthcare sector. Its products are used by an estimated 13,000 organisations in 40 countries for managing patient information and healthcare services. Its headquarters was in Sydney, Australia prior to its acquisition by CSC in 2011.
iSOFT was founded in 1996 as a business group within accounting group, KPMG and bought out of the Group in 1999. In 2000, iSOFT had a successful listing on the London Stock Exchange. iSOFT became part of the IBA Health Group following a merger completed in October 2007. The IBA Health Group has since changed its name to iSOFT Group to build on the goodwill associated with one of the world's leading health IT brands, iSOFT. iSOFT announced on 24 March 2011 that trading in its shares would be suspended pending a corporate announcement. Subsequently on 4 April, the company announced that it was recommending a cash offer from CSC.
In the summer of 2004 the Guardian newspaper saw a confidential report suggesting questionable accounting practices in iSOFT tracing back to 2002. iSOFT sought and obtained an injunction against the paper preventing publication of the story, and a Parliamentary Written Question was answered by the government saying that they had no plans to look into the matter.
The leaked confidential report had been commissioned prior to a merger between itself and its rival Torex and had raised sufficient concerns within Torex that it was only rescued by the personal assurance of Sir Digby Jones, then Director-General of the CBI and non-executive director of iSOFT.
Following profits warnings in January 2006 and June 2006 due to changes in its accounting policy, the resignation of its chief executive, the announcement of losses of £344m for the year to April 2006, extensive delays to its already overdue LORENZO product and the pulling out of one its two main customers, Accenture, from the NHS government contract in September, and the opening of an investigation by the Financial Services Authority, the gagging order against the newspaper was lifted in October.
The Chairman John Weston and board of directors appointed Alvarez and Marsal to advise the company and provide interim management and leadership alongside the newly appointed COO, Bill Henry in Jul 2006.
In January 2010, the FSA confirmed that they had begun legal proceedings against the four directors who were involved in the irregularities. In March, the AADB excluded Ian Storey, former financial controller, from membership of his professional body ICAEW. In 2013 the FCA has closed the case because of "procedural problems", clearing Patrick Cryne, Stephen Graham, Timothy Whiston and John Whelan from wrongdoing.
Sale of company
- In October 2006 iSOFT put itself up for sale.
- On 23 January 2007, the sale of iSOFT started to move forward, with three companies being shortlisted as bidders for the company. The Times newspaper listed U.S. healthcare IT providers Cerner and McKesson Corporation, as well as U.S. private equity company General Atlantic as the three companies looking at a package of around £200m to purchase iSOFT.
- On 16 May 2007, iSOFT announced its recommendation to accept a merger with Australian company IBA Health in an all-stock deal.
- On 6 June 2007, Computer Sciences Corporation said it was not excluding the possibility of a CSC bid for iSOFT.
- On 6 July 2007, iSOFT shareholders voted in favour of the IBA Health offer.
- On 20 July 2007, CompuGROUP made an eleventh hour offer. iSOFT directors considered this proposal and concluded that the offer represented better value to iSOFT shareholders than the IBA offer. More details here.
- On 21 August 2007, IBA made a revised offer and the iSOFT board recommended acceptance by shareholders. CompuGROUP said in response that it would not be increasing its own offer.
- On 31 October 2007, IBA completed acquisition of iSOFT.
iSOFT's flagship product Lorenzo patient record systems was dogged by a number of issues mainly centred on delays to delivery schedules and questions over its suitability for the purpose it was intended. As a result of continuous delays and quality issues, Singhealth, one of iSOFT's three early adopters abandoned plans to wait for delivery of LORENZO and opted to return to i.Clinical Manager's heritage product and deployed Sunrise Clinical Manager from Eclipsys instead.
In November 2009, the government admitted that despite the challenges a handful of sites had gone live with Lorenzo, although there were only 174 regular users. A week later, Gary Cohen claimed that LORENZO would be live at 25 trusts in 2010, despite the history of problems.
- 2011, CSC acquired iSOFT on August, 2011
- 2011, CSC announces its planned acquisition of iSoft Group
- 2010, iSOFT Group acquires Belgium-based health IT company UltraGenda BV
- 2009, iSOFT Group acquires Patient Safety International Pty Ltd.
- 2009, iSOFT Group acquires US software developer BridgeForward
- 2009, IBA acquires Hatrix Pty Ltd.
- 2007, IBA Health Group merger
- 2006, Disposal of Swiss operations
- 2005, Acquisition of Novasoft Sanidad S.A.
- 2004, World-wide strategic alliance with Microsoft, Two principal contracts entered into to deliver software and services as part of the National Programme for IT (NPfIT) in England
- 2003, Merger with Torex plc
- 2002, Acquisition of Revive Group Limited, Acquisition of Paramedical Pty Limited, Acquisition of healthcare business of Northgate Information Solutions plc, Microsoft global launch partner, and the only European software partner for the Windows XP Tablet PC launch
- 2001, Dedicated offshore development business established in Chennai, India, Acquisition of ACT Medisys Limited, Acquisition of Eclipsys Limited and Eclipsys Pty Limited
- 2000, Full listing on London Stock Exchange
- 1999, Only Microsoft SQL Server 7.0 launch partner in UK health, Acquisition of CSC's Australian healthcare systems business
- 1998, Management buy-out by senior executives to create iSOFT
- 1994, Healthcare information systems business founded within KPMG
- 11 June 2010, The Financial Services Authority has launched fraud proceedings against four former directors of iSOFT Group.
- CSC Finalizes iSOFT Acquisition
- iSOFT hisory
- CSC closes acquisition of iSoft ahead of NHS IT contract renegotiations
- "Memorandum submitted by Ian Griffiths and Simon Bowers, The Guardian". Public Accounts Committee - House of Commons. 26 March 2007.
- Fletcher, Firchard (22 August 2004). "Isoft goes to court over leak to press". London: The Times.
- John Hutton MP (14 September 2004). "Health - NHS Information Technology". TheyWorkForYou.com.
- Hopkins, Nic (23 July 2003). "Torex and iSoft unveil £700m merger plan". London: The Times.
- "Lorenzo stalled at Morecambe Bay". E-Health-Insider. 21 October 2008.
- Hoeksma, Jon (6 January 2010). "Former iSOFT directors face court". e-Health-Insider.com.
- Former iSoft FC excluded from the ICAEW after AADB probe, Accountancy Age, 22 March 2010
- "iSoft's former directors trial collapses". BBC. 22 July 2013.
- iSOFT board approves IBA Health takeover
- Fernandez, Joe (19 June 2008). "Lorenzo slipped 'months ago' say reports". e-Health-Insider.
- "'No believable plan' for completion of iSoft Lorenzo". e-Health-Insider. 21 August 2006.
- McCue, Andy (21 August 2006). ""No believable plan" for key NHS IT software". silicon.com.
- Richard Bacon, Christopher Hope (2013). Conundrum: Why Every Government Gets Things Wrong - and What We Can Do About it. ISBN 9781849545525.
- SingHealth selects innovation partner to drive healthcare reform in Singapore
- SingHealth Selects Eclipsys Solutions to Help Improve Clinical Outcomes, First Sunrise Clinical Manager Client Outside of North America
- US contract boost for iSOFT
- Company at heart of NHS reform in serious trouble
- IBA to acquire iSOFT in UK for $333m
- Shareholders vote in favour of IBA Health offer
- IBA completes acquisition of iSOFT
- IB Solutions