Quality Systems Completes Merger With Software Firm
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TUSTIN — Quality Systems Inc. completed its merger with Clinitec International Inc., a Pennsylvania developer of electronic medical records software systems, the companies said.
Quality Systems acquired the remaining 75% that it did not previously own for about $4.9 million in cash and 309,846 Quality Systems shares. Quality Systems said the shares were valued at $22.25 each, or $6.9 million, for a total purchase price of about $11.8 million.
The Tustin company, which provides computer-based practice management and electronic medical records systems, had acquired a 25% stake in Clinitec International in April 1995.
The companies said that under the merger agreement Clinitec International will operate as an independent unit of Quality Systems, with Patrick Cline, Clinitec International’s co-founder, continuing as president and chief operating officer of the company. Cline also has been named a director and executive vice president of Quality Systems.
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