Netsmart Technologies Announces Acquisition of QS Technologies, Inc.
02 August 2006 - 10:30PM
PR Newswire (US)
Addition of Public Health Company Strengthens Netsmart's Market
Leading Position GREAT RIVER, N.Y., Aug. 2 /PRNewswire-FirstCall/
-- Netsmart Technologies, Inc. (NASDAQ:NTST), a leading provider of
enterprise-wide software for health and human services
organizations, today announced that it has acquired the business of
Greenville, S.C.-based QS Technologies, Inc. from Intelligent
Systems Corporation (AMEX:INS) for an initial payment of $1.9
million in cash and a $1.435 million promissory note, together with
the assumption of approximately $1.8 million in net liabilities,
consisting principally of deferred revenue. The transaction also
provides for potential additional payments to Intelligent Systems
of up to $1.45 million in 2008, contingent upon the attainment of
performance milestones by the QS business through 2007. Founded in
1979 and acquired by Intelligent Systems in 1997, QS Technologies
delivers enterprise-wide public health solutions and vital records
software to 70 public health agencies, including nine states. With
the addition of the QS Technologies customer base, Netsmart will
serve more than 110 public health organizations and 10 states with
a comprehensive set of public health and vital records solutions
for public health agencies of all sizes. Netsmart public health
customers will also have the ability to interoperate with Netsmart
behavioral health solutions to integrate programs with their mental
health counterparts. "Public health is a growing and critical
component of the health and human services market," said James
Conway, Netsmart chairman and CEO. "QS Technologies, with its deep
industry knowledge, committed employees, solid technology, and
strong customer base, is an excellent addition to our growing
public health business and provides us with an even broader set of
public health solutions to meet the needs of our customers. We
believe that the addition of QS Technologies products and services
will enable us to win more contracts such as the one that Saber and
Netsmart was recently awarded by the North Carolina Department of
Health and Human Services to provide an integrated statewide public
health system." With the addition of QS Technologies, Netsmart
Technologies as a company serves more than 1,325 customers
including 34 state agencies, making the Netsmart user base the
largest connected community in the health and human services
industry. For more information about Netsmart Technologies
solutions, call 1-800-421-7503 or visit http://www.ntst.com/. About
Netsmart Technologies, Inc. Netsmart Technologies, Inc., based in
Great River, N.Y., is an established, leading supplier of
enterprise-wide software solutions for health and human services
providers, with more than 1,325 clients, including 34 systems with
state agencies. Netsmart's clients include health and human
services organizations, public health agencies, mental health and
substance abuse clinics, psychiatric hospitals, and managed care
organizations. Netsmart's products are full-featured information
systems that operate on a variety of operating systems, hardware
platforms, and mobile devices, and offer unlimited scalability.
Statement on Behalf of Netsmart Technologies, Inc. Statements in
this press release may be "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
Words such as "anticipate," "believe," "estimate," "expect,"
"intend" and similar expressions, as they relate to the company or
its management, identify forward-looking statements. These
statements are based on current expectations, estimates and
projections about the company's business based, in part, on
assumptions made by management. These statements are not guarantees
of future performance and involve risks, uncertainties and
assumptions that are difficult to predict. Therefore, actual
outcomes and results may, and probably will, differ materially from
what is expressed or forecasted in such forward-looking statements
due to numerous factors, including those described above and those
risks discussed from time to time in Netsmart's filings with the
Securities and Exchange Commission. In addition, such statements
could be affected by risks and uncertainties related to product
demand, market and customer acceptance, competition, pricing and
development difficulties, as well as general industry and market
conditions and growth rates, and general economic conditions. Any
forward-looking statements speak only as of the date on which they
are made, and the company does not undertake any obligation to
update any forward-looking statement to reflect events or
circumstances after the date of this release. Information on
Netsmart's website does not constitute a part of this release.
DATASOURCE: Netsmart Technologies, Inc. CONTACT: Dave Kishler of
Netsmart Technologies, +1-614-932-6723, Web site:
http://www.ntst.com/
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