Wednesday, March 26, 2008

Philips buys cardiac software firm Tomcat

Royal Philips Electronics has purchased a Northern Irish maker of cardiac-care software that will become part of Philips' Massachusetts-based health care unit, the company announced.

Philips, which didn't disclose financial details of the deal, said its purchase of Belfast-based Tomcat Systems Ltd. would enhance its efforts to expand the use of information technology in health care. Tomcat's software is designed to support operations, communications, and other aspects of cardiology practices. Philips said the global market for cardiac informatics is estimated to be $428.2 million in 2008.

The deal is expected to close in the second quarter of 2008. Philips Electronics (NYSE:PHG) is based in The Netherlands and reported a 2007 profit of $4.2 billion on revenue of $26.8 billion. It employs 118,000 workers worldwide. Philips Healthcare, based in Andover, employs 2,500 workers in the New England and 33,000 worldwide, according to the business unit.