Misys Agrees To Acquire Sunquest Information Systems

British software company Misys plc has agreed to acquire Sunquest Information Systems Inc. in a deal worth about $404 million, the companies said Monday.

Misys makes applications software for banking, securities, retail, and health-care businesses, while Sunquest makes clinical software systems for hospitals. The acquisition represents an effort by Misys to expand its presence in the U.S. health-care IT market, particularly into acute care. Misys already has a U.S. presence through its subsidiary Medic Computer Systems, which services information systems at more than 18,000 sites, but the acquisition of Sunquest would give them an additional 1,200 hospital customers.

Under the terms of the deal, Misys will buy all of Sunquest's outstanding common stock at $24 apiece, making the deal worth about $404 million. Misys says 76% of Sunquest's stockholders, including CEO Sidney Goldblatt, have approved the deal. It is expected to close in August, pending regulatory approval.