February 2, 2006

C&B Capital Portfolio Company Acquired

Triangle Business Journal

Triangle Business Journal - February 2, 2006

Misys Healthcare Systems has purchased Payerpath Inc., a private health-care IT company, in a $49 million all-cash deal, company officials said in a statement released Wednesday.

Raleigh-based Misys Healthcare will combine the Richmond, Va., company's operations with its own electronic transactions clearinghouse, M. Transaction Services. The new business will operate as Payerpath, A Misys Company, and will maintain its headquarters in Richmond.

Misys officials say Payerpath processes about 50 million claims annually, compared to more than 420 million electronic transactions handled each year by Misys' existing operation.

Misys Healthcare Chief Executive Officer Tom Skelton said in mid-January that the company was considering an acquisition in the health-care technology arena but did not provide details.

Misys Healthcare Systems was founded as Medic Computer Services. British software giant Misys bought the company in 1999 for $923 million and named the U.S. operations Misys Healthcare Systems.

Misys Healthcare announced in January plans to expand its Raleigh headquarters by 30 percent over the next two years.