Henry Schein to Acquire RxWorks
Henry Schein, Inc, the world's largest provider of health care products and services to office-based dental, animal health and medical practitioners, announced an agreement to acquire RxWorks, Inc., a provider of veterinary practice management software primarily to customers in Australia, New Zealand, the UK and the Netherlands, and other countries around the world today.
RxWorks had sales for the 12 months ended June 30, 2015 of approximately $7 million. Henry Schein expects the acquisition to close in the second half of January 2016, and to be dilutive by less than $0.01 to 2016 earnings per share, and accretive to 2017 earnings per share by approximately $0.01. Financial details and terms of the transaction were not disclosed.
Founded in 1988 with headquarters in Brisbane, Queensland, Australia, RxWorks has 68 Team Members and an installed base of more than 1,500 veterinary clinics in 19 countries worldwide. The firm will continue to be led by its current management team. Upon closing, RxWorks will become part of Henry Schein's Global Animal Health Practice Solutions business.
Stanley M. Bergman, Chairman of the Board and Chief Executive Officer, Henry Schein, Inc. said:
"RxWorks has an excellent reputation for helping veterinarians increase practice efficiency and improve quality health care through its innovative practice management software solutions. The addition of RxWorks further strengthens our growing practice management software solutions business, which helps deepen relationships in the regions served by RxWorks with our animal health customers, including large corporate customers. The addition of RxWorks will nicely complement our expanding animal health technology businesses. We look forward to welcoming our new colleagues from RxWorks to Henry Schein."
RxWorks is committed to ensuring that its software remains relevant by monitoring developments in technology and trends in veterinary medicine. Nathan Basha, Chairman of RxWorks commented:
"RxWorks software is designed to facilitate consistency of patient care, enable practice growth, achieve enhanced profitability and optimize professional time, all the while improving the quality of life for patients. Aligning with Henry Schein, a global company committed to serving animal health professionals and bringing innovation to the marketplace, allows RxWorks to provide even further value to customers while expanding industry reach."