Press Release: Agfa concludes Heartlab acquisition

Agfa-Gevaert announces today that it has concluded the acquisition of Heartlab, Inc., having complied with the regulatory requirements. Heartlab is a leading designer and supplier of image and information networks for cardiology. The transaction price consists of $132.5 million USD / 106.5 million euros. The acquisition is expected to be cash accretive from the first year.

esearch cardiovascular care centers. Agfa and Heartlab have been collaborating since December 2003, within a distribution agreement for Agfa's IMPAX(TM) for Cardiology. This solution allows smooth integration of radiology and cardiology, the two most image intensive departments within hospitals, and enables information to flow more efficiently within the healthcare enterprise and facilitates management of the electronic patient record. The acquisition will expand on other recent acquisitions to strengthen Agfa's leadership position in imaging technology and healthcare IT.

Agfa exercises option to acquire remaining shares of Med2Rad

Also today, Agfa-Gevaert announces that it has acquired the remaining shares of Med2Rad, the leading developer and supplier of RIS (Radiology Information Systems) in Italy. According to the terms and conditions of the agreement concluded in 2002, the transaction price for the 70% of the shares Agfa did not yet own, amounts to $4.0 million USD / 3.2 million euros and was paid in cash.
Combined with other recent acquisitions, Med2Rad further strengthens Agfa's leading position in radiology IT. Agfa and Med2Rad have been co-operating since 2000, when Agfa became the exclusive distributor of the Med2Rad Radiology Information System. In 2002, Agfa acquired a 30% participation in Med2Rad.
Med2Rad, which has in-depth knowledge of the Italian healthcare market, is expected to become a key component in the roll-out of Agfa's EPR (Electronic Patient Record) portfolio based on ORBIS(TM)-technology acquired through GWI.
End of message

About Agfa

The Agfa-Gevaert Group is one of the world's leading imaging and information technology companies. Agfa develops, manufactures and markets analog and digital systems for the graphic industry and for healthcare.
Agfa's headquarters are in Mortsel, Belgium. The company is active in 40 countries and has agents in another 100 countries throughout the world. Together they achieved a turnover of 3,762 million euros (or $4,677 million USD*) in 2004.
Agfa's HealthCare business group supplies hospitals and other healthcare centers with state-of-the-art systems for the capturing, processing and managing of diagnostic images and with IT solutions that integrate the imaging workflow into the overall hospital operations across departmental disciplines.
In addition, Agfa is a leader in the fast growing market of IT systems that span the entire healthcare enterprise and through which healthcare facilities become more efficient and effective, with improved patient outcomes.
For more information on Agfa, visit
* $1 USD = 0,804281 euro

About Heartlab
Heartlab is a leading designer and supplier of digital image and information networks for Cardiology. Named one of America's fastest-growing private companies for four years in a row by Inc. magazine, Heartlab develops application software and integrates systems using industry-standard computer hardware. Heartlab's Encompass(TM) network gives cardiologists rapid access to imaging exam and report information, enables cardiology centers to operate more efficiently, and provides robust protection for critical patient data. Heartlab's Encompass(TM) networks are installed in more than 250 of the nation's leading cardiovascular care centers.

About Med2Rad

Med2Rad was founded in 2000 by Marco Bramucci and Sandro Parcaroli and is headquartered in Macerata, Marche, Italy. In 2004 the company, which employs 16 people, generated a turnover of 3.2 million Euro and EBIT of 0.7 million Euro. Med2Rad develops, implements and supports RIS and related software for the Italian healthcare sector.
Agfa, the Agfa rhombus, IMPAX, ORBIS, Encompass and See More. Do More. are trademarks of Agfa-Gevaert N.V., Belgium or its affiliates. All rights reserved.

Posted: Thu - June 2, 2005 at 12:08 AM