Allscripts, a provider of clinical software, connectivity and healthcare information systems, has acquired all of the outstanding stock of Extended Care Information Network (ECIN) for approximately $90 million in cash.
ECIN, headquartered in Chicago, is a privately held company with more than 400 hospital clients and nearly 5,000 post-acute care clients, including nursing homes, assisted living facilities and other residential-based rehabilitation centers. It had revenues of $19 million in 2007 and has more than 80 employees.
The Chicago-based Allscripts said the acquisition will allow it to facilitate the exchange of patient information between hospital case managers, physicians outside the hospital and post-acute care facilities.
Simultaneously, Allscripts announced the creation of a new Hospital Solutions Group within the company to be directed by Jeff Surges, CEO of ECIN. The new Allscripts business unit will provide a suite of products and services under one umbrella, combining ECIN with the company’s emergency department information systems and its existing care management solution, Canopy, according to the company.
Allscripts said it financed the acquisition using cash on hand and through $50 million of borrowings under a new $60 million credit facility.