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ISOFT

iSOFT
Industry Healthcare IT
Products Healthcare Software Applications
Website http://www.isofthealth.com

iSOFT is an international supplier of software applications for the healthcare sector. Its products are used by an estimated 13,000 organisations in 40 countries for managing patient information and healthcare services. Its headquarters was in Sydney, Australia prior to its acquisition by CSC in 2011.

iSOFT was founded in 1996 as a business group within accounting group, KPMG and bought out of the Group in 1999. In 2000, iSOFT had a successful listing on the London Stock Exchange. iSOFT became part of the IBA Health Group following a merger completed in October 2007. The IBA Health Group has since changed its name to iSOFT Group to build on the goodwill associated with one of the world's leading health IT brands, iSOFT. iSOFT announced on 24 March 2011 that trading in its shares would be suspended pending a corporate announcement. Subsequently on 4 April, the company announced that it was recommending a cash offer from CSC.

In the summer of 2004 the Guardian newspaper saw a confidential report suggesting questionable accounting practices in iSOFT tracing back to 2002. iSOFT sought and obtained an injunction against the paper preventing publication of the story, and a Parliamentary Written Question was answered by the government saying that they had no plans to look into the matter.

The leaked confidential report had been commissioned prior to a merger between itself and its rival Torex and had raised sufficient concerns within Torex that it was only rescued by the personal assurance of Sir Digby Jones, then Director-General of the CBI and non-executive director of iSOFT.

Following profits warnings in January 2006 and June 2006 due to changes in its accounting policy, the resignation of its chief executive, the announcement of losses of £344m for the year to April 2006, extensive delays to its already overdue LORENZO product and the pulling out of one its two main customers, Accenture, from the NHS government contract in September, and the opening of an investigation by the Financial Services Authority, the gagging order against the newspaper was lifted in October.


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