GE Medical Systems Completes Acquisition of Triple G® Systems Group, Inc.
Advanced laboratory information system will complete GE’s clinical information system product line for better and safer patient care
MILWAUKEE and TORONTO – GE Medical Systems Information Technologies, the healthcare IT business of General Electric Company (NYSE: GE), and
Triple G® Systems Group, Inc. (TSX: TGG), announced today that GE Canada Enterprises Company (GE), a wholly-owned subsidiary of General Electric Company, has completed the acquisition of Triple G, a leading independent developer of medical laboratory information systems.
GE acquired all of the issued and outstanding common shares of Triple G for $3.30 (Canadian) per share, payable in cash.
According to Dow Wilson, president and CEO of GE Medical Systems Information Technologies, the addition of Triple G’s laboratory information systems will help GE develop a leading clinical information system for the next generation of electronic medical records. “Triple G understands clinical lab workflow and is renowned in the industry for its premier systems and its deep commitment to its customers. With Triple G’s advanced lab information systems, GE will be able to help clinicians provide safer patient care through a paperless process that automates laboratory workflow and allows for faster, more accurate ordering and reporting of patients’ lab information,” said Wilson.
“Being a part of the GE Medical Systems family will broaden Triple G’s opportunities to improve productivity in clinical labs,” said Lee Green, chairman and CEO of Triple G. “Joining an organization with the size and resources of GE will significantly expand the availability of our products.”
Triple G laboratory information systems are licensed by more than 110 healthcare facilities, representing more than 450 clinical laboratories, in the U.S., U.K, Canada and Asia Pacific. Last year, Triple G received recognition from the industry research firm KLAS Enterprises as the premier laboratory information system for healthcare providers.
The transaction has received all customary approvals from applicable regulatory authorities and the Triple G shareholders. As a result of the acquisition, the common shares of Triple G will be delisted from the Toronto Stock Exchange and Triple G will apply to cease to be a reporting issuer under the securities laws of the provinces of Ontario, Alberta and British Columbia. This will result in Triple G becoming a privately-held corporation in which there will be no public market for its common shares.
About GE Medical Systems Information Technologies
GE Medical Systems Information Technologies provides hospitals and healthcare systems with advanced software and technologies to improve their clinical performance. The expertise spans the areas of cardiology, patient monitoring, image management, clinical communications, and clinical information systems to enable a real-time, integrated electronic medical record. GE Medical Systems Information Technologies is a business of GE Medical Systems, a $9 billion global leader in medical imaging and technology. Additional information about GE Medical Systems can be found at www.gemedical.com
This press release may contain forward-looking statements that involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are market and general economic conditions and the risk factors detailed in the Company’s filings with the applicable Canadian securities regulatory authorities from time to time. Triple G disclaims any obligation or intention to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Triple G is a registered trademark of Triple G in Canada. ULTRA and Triple G are registered trademarks of Triple G in the USA. Triple G is a registered trademark of Triple G in Australia. All trademarks are registered to Triple G Systems Group, Inc. The Triple G logo is a trademark of Triple G. Trademarks are used under license.
GE Canada Enterprises Company, 1959 Upper Water Street, Suite 900, Halifax, Nova Scotia, B3J3N2.
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