Wolters Kluwer Health Reaches Agreement to Acquire UpToDate
-- UpToDate is expected to generate annualized projected revenue of $80million in 2008.
-- UpToDate has demonstrated consistent double-digit organic revenuegrowth over the last four years.
-- UpToDate has approximately 250 employees and is headquartered inWaltham, Massachusetts with international sales offices in the Netherlands andJapan.
-- UpToDate will be part of Wolters Kluwer Health creating opportunitiesnot previously available.
-- Transaction is expected to be completed in the fourth quarter of 2008pending regulatory approval.
Nancy McKinstry, Wolters Kluwer CEO & Chairman of the Executive Board,said, "Evidence-based medicine is having a significant impact, helping todeliver healthcare faster and more effectively. UpToDate's proven ability toleverage technology and content to help physicians make the right decision atthe point of care represents a significant growth opportunity for us. Thisacquisition will strengthen Wolters Kluwer's leading position in the clinicaldecision support market and fits squarely into our strategy for building ourHealth business."
UpToDate collaborates with some 3,800 physician experts, who use theirclinical experience and review of the latest research to createrecommendations on how to diagnose and treat thousands of conditions in 13medical specialties. Nearly 320,000 clinicians in 130 countries, thousands ofpatients and the majority of academic medical centers in the U.S. look toUpToDate for clinical guidance, practice guidelines, peer-reviewed articles,photographs, and X-ray illustrations.
UpToDate, headquartered in Waltham, Massachusetts with approximately 250employees specializes in physician-driven products designed to improvehealthcare at the point of care and integrate smoothly into Electronic MedicalRecords. Wolters Kluwer Health and UpToDate share a history of developingsuccessful content and electronic platforms for clinicians, similar growthstrategies, and a common view of the opportunities offered by technologicalchanges happening throughout healthcare.
"The combination of UpToDate and Wolters Kluwer Health provides the marketwith a unique value proposition for advancing patient care while reducingmedical costs," said Dr. Denise Basow, Editor-In-Chief of UpToDate. "Jointly,we can deliver a full suite of solutions to physicians and patients."
"We are looking forward to combining our experience in developing point ofcare decision support tools with UpToDate's best-of-breed offerings in contentand search, to develop robust EMR integration tools, expand our existingofferings and accelerate UpToDate's global expansion," said ArvindSubramanian, President & CEO of Wolters Kluwer Health Clinical Solutions.
"Wolters Kluwer has a history of preserving the cultures and brands of thecompanies it acquires, and of fostering an entrepreneurial and mission-drivenenvironment," added Dr. Burton Rose, Founding Editor of UpToDate. "As part ofWolters Kluwer Health, UpToDate will be able to strengthen its offering andinnovate new ways to improve healthcare delivery across the board."
UpToDate, which is accessible through the Web, desktop and PDA, is anelectronic information resource designed to provide clinicians with practicaland reliable answers to clinica
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