Stanford International Bank Ltd, a member of the Stanford Financial Group and HSS’ principal shareholder will fund the transaction with a total of $85 million. The residual amount will be utilized for growth initiatives and working capital. For the current transaction,  Jefferies  & Company and Sun Trust Robinson Humphrey will act as financial advisor for Emageon. The agreement, receiving unanimous approval from boards of directors of both companies, as well as Emageon’s Strategic Alternatives Committee, is subject to approval by Emageon’s majority stockholders and certain customary closing conditions.

Founded in 1997, Emageon is a leading provider of enterprise medical information technology systems for hospitals, healthcare networks and imaging facilities. The company delivers a family of multi-specialty, advanced visualization and infrastructure tools to enable enhanced patient care, automated imaging workflow capabilities and improved productivity, and provide better service to physicians. Its standards-based solutions are based on a unified Enterprise Content Management system that provides advanced visualization and infrastructure tools to facilitate clinical analysis and management of digital medical images, reports and associated clinical content. Emageon has bagged the 2007 Frost & Sullivan Technology Innovation Award.

Following the acquisition, Emageon will operate as a part of HSS group of companies, with the combined company having approximately 400 employees. Till the closing of the transaction, both companies will continue to operate independently, while maintaining sales and support operations. After the transaction is completed, HSS plans on applying for listing on the NASDAQ.

The current acquisition is regarded by industry watchers as a bold step by HSS, considering that Emageon is a much larger company than itself. HSS reported total revenues for the first half of 2008 to be $6.49 million compared to Emageon’s $37.4 million generated for the same time period.

HSS provides healthcare technologies and services for home health care, medical staffing, acute and post-acute facilities, and telehealth/telemedicine. The company’s offerings are grouped into three segments, namely technology solutions provided by subsidiary HSS Consultancy LLC, which provides high-end development and post-implementation support for complex projects; software segment, which develops, markets, sells and supports proprietary healthcare products; and consulting segment, created to provide performance analyses and professional services. HSS focuses on leveraging current and next-generation technologies to provide value-added products and services for improved clinical, operational and financial outcomes.

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