Wednesday, December 31, 2008

Premise Corp. bought for $38.5M

By Mass High Tech staff

Health-IT software maker Premise Corp. of Farmington, Conn., will receive $38.5 million as it sells to Atlanta-based Eclipsys Corp., a developer of patient flow software in a cash-for-equity deal.

Both companies’ board of directors have approved the exchange, which is “subject to certain escrow provisions and working capital adjustments,” according to  Premise and Eclipsys officials. The deal should close within the next 15 days, following standard closing conditions.

Privately held Premise is a provider of patient-flow and business intelligence software for hospitals. The software is intended to automate management of patients, hospital beds and other resources in clinical settings. The company developed its software at Yale School of Medicine in New Haven, Conn.

Premise has spent the last year on a contract-gathering spree, landing large deals with hospitals like Mass General Hospital, UMass Memorial Health Care and Duke University Health System. This year it also signed its first international client, the 1,600 -bed Singapore General Hospital.