Australian health software company IBA is back in the market trying to buy financially troubled iSoft.
In a two-pronged attack, it has overbid the offer from German firm CompuGroup Holding that was accepted in July and has moved to acquire 24% of the company from other shareholders, bankrolled by a £120 million cash injection from Allco Equity Partners, an Australian investment fund.
CompuGroup was able to make its offer when IBA's original bid was stalled by objections from CSC, which iSoft has obligations to under its UK National Health Service contracts. CSC has ruled itself out of the takeover. As part of its bid, CompuGroup has agreed to sell Lorenzo, iSoft's key contribution to the multibillion-pound National Programme for IT, to CSC.
iSoft's board will now consider IBA's new offer, according to the Financial Times.
ISoft is a provider to most of New Zealand’s district health boards.