Merge closes deal, raises cash
The acquisition of RIS Logic is done. Merge eFilm has closed the previously announced deal (SCAN 7/23/03) to acquire the privately held Ohio-based company, which specializes in the development of software for radiology information systems. The final
The acquisition of RIS Logic is done. Merge eFilm has closed the previously announced deal (SCAN 7/23/03) to acquire the privately held Ohio-based company, which specializes in the development of software for radiology information systems. The final price tag is $2.725 million in cash plus 772,000 shares of Merge Technologies common stock and the issuance of replacement employee stock options. RIS Logic will operate as a division of Merge eFilm and will maintain its Cleveland office location. Dan Quigg, former RIS Logic president and CEO, will serve as president of the RIS Logic division.
A private placement of 667,000 shares of common stock will more than offset the cost of the deal. The shares, sold to institutional investors at $12 apiece, have bolstered the company's coffers by slightly more than $8 million.
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