iSOFT in refinancing

Healthcare IT provider iSOFT Group has received £120 million in a refinancing supported by Clydesdale, Barclays and Australian bank Westpac.


Healthcare IT provider iSOFT Group has received £120 million in a refinancing supported by Clydesdale, Barclays and Australian bank Westpac.

Healthcare IT provider iSOFT Group has received £120 million in a refinancing supported by Clydesdale, Barclays and Australian bank Westpac.

iSOFT designs systems for a range of healthcare applications including patient administration and pharmacy management. The Oxfordshire-based company generated revenue of £250 million in 2009.

The new facility consists of a term loan of £60 million and a revolving credit facility of £60 million, and will replace the facilities put in place to finance the merger of UK-based iSOFT with Australia’s IBA Group in 2007.

Gary Cohen, executive chairman & CEO, said: ‘[The restructured facility] moves our balance sheet away from its previous acquisition footing to one which gives us greater flexibility in managing our working capital.’

Nick Britton

Nick Britton

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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