Agfa to Acquire Heartlab for $132 Million

Agfa (Mortsel, Belgium) has reached an agreement to acquire all of the shares of Heartlab, Inc. (Westerly, RI, USA), a designer and supplier of image and information networks for cardiology, for U.S.$132.5 million in cash.

This move is designed tostrengthen Agfa's position in healthcare information technology (IT), considerably enhancing its cardiology systems portfolio. Heartlab has contributed to the creation of industry standards and the development of clinical products that improve the management of cardiovascular disease.

Agfa and Heartlab have been working together since December 2003, within a distribution agreement for Agfa's Impax for Cardiology. This joint system allows for the smooth integration of radiology and cardiology, the two most image-intensive departments within hospitals, enabling data to flow more efficiently within the healthcare system and facilitating management of the electronic patient record. This system incorporates the clinical technology and diagnostic tools of both companies' integration and workflow expertise.

"The combination of Heartlab and Agfa will result in substantial growth based on an even more competitive solutions portfolio and our presence and reputation in leading hospitals around the world,” said Ludo Verhoeven, president and CEO of Agfa. "This is an important step in implementing our healthcare strategy and fits well with recent acquisitions.”

Heartlab CEO and co-founder Robert Petrocelli commented, "Joining Agfa offers Heartlab new opportunities in global markets, and thereby strengthens the portfolio and benefits our customers and their patients.” After the acquisition closes, Mr. Petrocelli will manage Agfa's Cardiology business unit.





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