ISoft, which has been dogged by revenue-recognition problems and delayed software, said the takeover discussions have taken longer to conclude than it originally expected because of the need for extensive consultation in respect of its role in the National Programme for IT in England. It said it would make a statement about the outcome as soon as was appropriate.
Australian healthcare applications provider IBA Health is one of the favorites to acquire the company, but the prospect of a substantial revenue flow from the project to equip the UK’s National Health Service with a modern IT infrastructure has also attracted the private-equity sector.
ISoft believes it has sufficient headroom to continue operations as normal on November 14 when its existing banking facilities are due for renewal. Given progress on the acquisition front, its cash needs will be someone else’s responsibility by that time.
