Under terms of the agreement, Metavante will pay Bio-Imaging $500,000 in cash plus an earn-out over two years
Bio-Imaging Technologies, a healthcare contract service organisation, has sold its CapMed division to Metavante Technologies, a provider of banking and payment technologies to financial services firms and businesses worldwide.
Under terms of the agreement, Metavante will pay Bio-Imaging $500,000 in cash plus an earn-out over a two-year period. Additional terms of the agreement will be disclosed later.
For the fourth quarter and full year 2008, Bio-Imaging expects to incur a one-time charge of $2.5 to $2.7 million, primarily due to a non-cash impairment charge related to the write-down of assets of the CapMed division.
Mark Weinstein, president and CEO of Bio-Imaging, said: With the sale of CapMed, we can now focus all of our efforts on Bio-Imaging’s core business of providing clinical trial services, including medical image management and eClinical data services to support the product development process for the pharmaceutical, biotechnology and medical device companies.
During 2008, we continued to execute on our strategic plan to expand our core pharmaceutical service business, most notably through our acquisition of Phoenix Data Systems (PDS). PDS comprehensive array of eClinical data solutions has expanded our core clinical trial services business into the rapidly growing electronic data capture market.