ALPHARETTA, Ga., Aug. 11, 2004 (PRIMEZONE) -- Optio Software (OTCBB:OPTO), a leading provider of enterprisewide output management and forms automation solutions, today announced that it has acquired VertiSoft Corporation.
This acquisition broadens Optio Software's portfolio of integrated healthcare solutions, adds valuable healthcare expertise and establishes a subscription-based licensing model for a new line of solutions, the Optio QuickRecord(tm) Suite. All of the solutions in the Optio QuickRecord Suite are designed to streamline information access and distribution for physicians and clinical, medical records and financial services staff through a single interface or Composite Patient View(tm).
The purchase price of the transaction included approximately $350,000 in cash, 1.5 million shares of Optio common stock and assumption of VertiSoft's existing debt. Since its founding more than a decade ago, VertiSoft, a privately held software firm based in Roswell, Ga., has pioneered clinical document management systems and has earned an ongoing industry reputation for providing superior customer service.
"The acquisition of VertiSoft complements Optio's portfolio of healthcare forms automation and document output management solutions," said C. Wayne Cape, chairman, president and chief executive officer of Optio Software. "Just as important, it enables us to offer compelling new value to help healthcare institutions better manage the millions of documents, patient records and other information created across the continuum of care every day, while reducing costs, improving patient safety and enhancing the quality of patient care."
The VertiSoft acquisition also adds a new subscription-based licensing model to Optio. "VertiSoft customers have already eagerly embraced subscription-based licensing to help them overcome capital budget constraints and rapidly adopt the information technology solutions they need today," said Cape. "We anticipate that this affordable solution will appeal to many of our 700-plus healthcare customers as well. At the same time, we believe it will also help strengthen Optio's own long-term financial position through the addition of VertiSoft's existing multi-year contracts."
Optio QuickRecord Suite provides powerful Composite Patient View
Optio will offer VertiSoft solutions under the new name of the Optio QuickRecord Suite. This integrated suite of healthcare applications provides a universal hub and single, secure point of web-enabled access to all patient documents and mission-critical information from hospital information systems such as McKesson, Cerner, IDX, Eclipsys, Meditech and Siemens. The QuickRecord Suite includes Optio QuickRecord(tm), Optio QuickChart(r), Optio QuickScan(tm), Optio QuickSign(tm) and Optio QuickDelivery(tm).
"QuickRecord solutions offers much of the functionality of an electronic medical record system at a more affordable, subscription-based price," said Donald French, formerly president and CEO of VertiSoft and now Optio's senior vice president of healthcare products. "Now as part of the Optio team, we can offer solutions that are backed by Optio's strong research and development, support, sales and marketing organizations."
Thousands of physicians, clinicians and administrative staff at more than 40 hospitals in the United States and the United Kingdom use the Optio QuickRecord Suite as their standard means of healthcare information access and distribution. These institutions are already realizing significant benefits from the QuickRecord Suite such as productivity gains, cost reductions, increased patient satisfaction and improved quality of care.
At Scripps Health in San Diego, Optio QuickRecord is speeding the delivery of information to help physicians provide better patient care, save time and reduce costs. "Our physicians now have at their fingertips clinical results such as lab tests, x-ray results, surgical notes, dictated reports, demographic information, discharge summaries and other critical data that helps them practice better medicine," said Dr. Joseph Traube, vice president and medical director for information at Scripps Health, which includes five acute-care hospitals, two-long-term care facilities, 13 clinics and 2,600 affiliated physicians.
Other VertiSoft customers include St. Luke's in Boise, Idaho; Banner Health-Colorado Region based in Greeley, Colo.; Platte Valley Medical Center in Brighton, Colo.; and St. Joseph's Hospital of Atlanta.
For more information about Optio QuickRecord Suite and customer success stories, visit http://www.optiosoftware.com/quickrecord/index.asp or tune in to our Optio webinar about how enterprises have Composite Patient View on Tuesday, Aug. 24 at 11:30 a.m. ET at https://optiosoftwareevents.webex.com/optiosoftwareevents/onstage/g.php?d=661113818&t=a
EGL Holdings of Atlanta, Ga. acted as an advisor to VertiSoft in this transaction.
About Optio
Optio QuickRecord Suite(tm) is a key component of our integrated portfolio of mission-critical healthcare solutions. More than 700 healthcare organizations use Optio forms automation and output management solutions to leverage their investment in leading hospital information systems. Optio's output management solutions are also used by more than 5,000 customers in virtually every industry and enterprise resource planning (ERP environment to produce, enhance, distribute and exchange documents and other critical information via print, fax, e-mail and the web. Founded in 1981, Optio Software has world headquarters in Alpharetta (Atlanta), Georgia, EMEA headquarters in Paris and sales offices in Germany and the United Kingdom. More information about Optio Software (OTC BB:OPTO.OB) is available at: www.optiosoftware.com.
Copyright 2004, Optio Software, Inc. All Rights Reserved. Optio and Optio QuickChart are registered trademarks and Optio QuickRecord, Optio QuickSign, Optio QuickScan, Optio QuickDelivery and Composite Patient View are trademarks of Optio Software, Inc. Other companies and products mentioned in this document are the property of their respective owners.
Forward Looking Statements
This press release includes statements and other matters that could be considered to be forward-looking and subject to a number of risks and uncertainties that could cause actual results to differ materially from expectations. Such forward-looking statements are made pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995 and are made based on management's current expectations or beliefs as well as assumptions made by, and information currently available to, management. Factors that might cause or contribute to such differences include, but are not limited to, risks associated with Optio's reliance on strategic marketing and reseller relationships, the collectibility of Optio's accounts receivable and note receivable (specifically, the M2 note receivable), fluctuations in operating results because of acquisitions or dispositions, failure to integrate new products and newly acquired companies, diversion of management resources relating to acquisitions, reduction in cash reserves relating to acquisitions, challenges relating to acquisitions and the possibility that this may cause Optio to no longer be profitable, the negative effect on Optio's earnings relating to the amortization or potential write-down of acquired assets or goodwill, failure to retain the business relationships with existing customers of acquisitions, changes in competition, changes in economic conditions in the U.S. and in other countries in which Optio currently does business (both general and relative to the technology industry), delays or inability in developing new or unique software, market acceptance of new products, the failure of new products to operate as anticipated, expectation of achieving and sustaining operating profits and earnings, including the timing of such cash flow and company performance, disputes regarding Optio's intellectual property, risks relating to the delisting of our stock, possible adverse results of pending or future litigation, or risks associated with Optio's international operations. In addition, other written or oral statements that constitute forward-looking statements may be made by or on behalf of Optio. These and additional factors are set forth in "Safe Harbor Compliance Statement for Forward-Looking Statements" included as Exhibit 99.1 to Optio's most recent Quarterly Report on Form 10-Q. You should carefully review these risks and additional risks described in other documents Optio files from time to time with the Securities and Exchange Commission, including the Quarterly Report of Form 10-Q that Optio will file before September 14, 2004.