Midmark to acquire workflow technology firm – Versus Technology
Midmark, a leader in workflow solutions for outpatient settings, today announced it has entered into a definitive merger agreement to acquire Versus Technology pursuant to which Midmark will acquire all the issued and outstanding common shares of Versus. The Traverse City, Mich. based company is the most-deployed real-time locating systems (RTLS) provider in healthcare, using location technology and rules-based automation tools to make health systems safer and more efficient.
The combination of Midmark and Versus will create a unique offering of clinical workflow solutions. These solutions encompass clinical workflow services, RTLS technology, medical equipment, diagnostic devices and design assistance, resulting in improved efficiency within health systems.
Using its clinical expertise attained by years of immersive research, Midmark developed Midmark Clinical Solutions (MCS), a foundational tool in assisting health networks to improve clinical workflows and enhance the patient-caregiver experience. MCS workflow principles teach industry professionals the value of a holistic approach in achieving optimal workflows in their healthcare environments. For nearly 30 years, Versus has provided expertise in automating clinical workflows and resource optimization. The addition of Versus RTLS technology will give Midmark the ability to provide customers improved, data-driven decision making when developing these processes within health systems.
John Baumann, President and CEO of Midmark stated, “This rapidly propels us toward becoming the foremost provider of clinical workflow solutions. We will leverage this technology to deliver data-driven solutions to our customers that will provide a better healthcare experience for their patients. We are looking forward to welcoming our new teammates in Traverse City and are excited for our future together.”
“We are very excited for the opportunity this collaboration will provide for our system integrators and end-user customers,” said HT Snowday, President of Versus. “Healthcare providers face difficult decisions every day relating to equipment, room design, staffing and workflow. Together, Versus and Midmark will be able to provide more specialized, data-driven solutions to health systems, strengthening our businesses while enhancing healthcare for all involved.”
The merger has been unanimously approved and recommended to the Versus shareholders by the Versus Board of Directors, and is subject to shareholder approval. A special meeting of shareholders has been scheduled for April 29, 2016, to seek approval. Assuming shareholder approval is obtained and all conditions to closing have been met, closing of the merger is estimated to occur on or before approximately May 4, 2016. After closing, initial cash distributions to shareholders will be approximately $0.35 per share with additional distributions over the next five years of up to $0.047 per share depending on claims against certain escrow holdback provisions. Versus core operations will remain in Traverse City, Mich.