Global Med Technologies®, Inc. (GLOB.OB) Signs Purchase Agreement Acquiring InLog, SA and Its German Subsidiaries
Global Med, an international e-Health medical information technology company, announced March 31, 2008 that it has signed a purchase agreement to acquire Inlog, SA, and its German subsidiaries for a maximum of USD $11.5 million in a combination of cash, stock and earn-out. Inlog’s shareholders are to use $500,000 USD of the cash proceeds to purchase Global Med common stock in the open market within three months of the closing. Global Med will utilize a combination of existing cash and debt to pay for the transaction. Inlog’s unaudited revenues for the fiscal year were about 7.3 million in Euro (11.4 million USD) at current exchange rates, with EBITDA of approximately 770,000 Euro ($1.2 million USD). The transaction is expected to close in the second quarter of 2008 and Inlog plans to stay with the Company.
Inlog is a medical software firm that operates throughout Europe and the rest of the world, offering services such as transfusion, laboratory, medicine, and traceability. The company is a leading provider of donor center and transfusion information management systems, laboratory information systems and other ancillary medical software systems. It has been developing, implementing, and supporting its blood bank information management solutions since 1992, with over 700 sites in 15 countries using its products.
Michael I. Ruxin, M.D. and Chairman and CEO of Global Med Technologies, Inc said, “The acquisition of Inlog by Global Med is a transforming event in the history of our Company.” Dr. Ruxin continued, “At the completion of this acquisition, we will truly be a global company, with blood and laboratory software applications in 20 countries (in the US, Canada, Caribbean, European Union, Africa, French Polynesia, and New Caledonia). This includes 582 donor center sites, 458 hospital sites and 360 laboratories world-wide, for a total of 1,400 sites. From our perspective, our high quality people, productivity and services, coupled with our high-touch philosophy to our current and future customers, through our Service 360(TM) commitment, will continue to allow us to grow our Company in the global marketplace.” Dr. Ruxin added, “The structure of this transaction is expected to be accretive, exclusive of financing costs, in the first full year of operations. This acquisition is strategically important to Global Med as the international marketplace provides a platform for Global Med’s continued growth.”
Inlogs Product has five primary products:
1. EdgeBlood(ii): CTS Serveur, for the donor center marketplace.
2. EdgeTrack(ii): For the hospital transfusion marketplace.
3. EdgeLab: Lab information system or “LIS.”
4. EdgeCell: Cellular therapy for tissue banks, stem cell centers and cord blood centers.
5. SAPA: Supports regulatory compliance and document management.
Inlogs is ISO 9001:2000 certified and its products have received the NF/ISO 25051/12119 certification, guaranteeing the highest level of quality regarding the design, testing and validation of the software.
Inlog’s CEO President and COO, Thomas F. Marcinek said, “Inlog’s capability and experience in handling international implementations including France which processes millions of donations per year, opens up new markets and opportunities for Global Med. We see a need in the global marketplace for a company with proven blood bank products, experience with national implementations, multi-lingual applications, and strong service offerings that are financially sound and well capitalized. Together with Inlog, we believe that Global Med is strategically poised and will aggressively market these strengths to potential customers around the world which will continue to expand our market share.” Mr. Marcinek added, “Global Med, through its Service 360(TM) Program, maintains its focus on our valuable customer base. With the addition of the Inlog customer base, we will continue to improve our customer support, service offerings and products as we grow.”
CEO of Inlog, Renaud Blanc-Bernard also said, “On behalf of Inlog, we are all very excited about the synergies between our two companies. We truly believe that the combined Global Med/Inlog Company will become a global leader in donor center and transfusion medicine software. Together we believe that we will gain economies of scale that will enable our products to evolve in sync with the rapidly changing international blood center, transfusion service and laboratory marketplace. We are also excited for our customers who will gain access to new products and services. This is truly a win-win for Global Med, Inlog, our employees, our combined substantial international customer base and the industry.”
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