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Utah's MediConnect acquires rival ZEROP
By Bob Mims
The Salt Lake Tribune
It was double-barreled good news for Utah's MediConnect Inc. on Tuesday. The company completed efforts to raise nearly $15 million, and it acquired rival ZEROP Medical.
Terms of the purchase were not released by the privately held companies.
President/CEO Amy Rees Lewis said the deal would strengthen the Salt Lake City company - to be known as MediConnect Global Inc. - and help it become a leading international, online medical records service for the legal and insurance professions.
"This transaction reinforces our strategy of making targeted acquisitions that solidify our position as the center point for simple, cost-effective online access to medical information worldwide," Lewis added.
Judd Armstrong, founder and CEO of ZEROP, said acquisition will give clientele of both companies improved services and products.
"MediConnect has a reputation for developing the world's finest technology, products and services for electronic medical record retrieval and management," he said.
Armstrong will stay on indefinitely to smooth his company's customer transition to MediConnect Global. He also will advise on expansion into the Asia Pacific region.
Ten or so of ZEROP's 50 employees lost their positions in the merged work force, which will be about 350, Lewis said.
MediConnect linked overseas expansion with its most recent fundraising round and the appointment Tuesday of three high-powered board members.
Joining the company's eight-member board are billionaire medical device inventor James LeVoy Sorenson, his biotechnology entrepreneur son, James Lee Sorenson, and renowned cardiac surgeon Naresh Trehan.
The Sorensons, MediConnect confirmed, helped lead the recent fundraising round.
Trehan, a personal surgeon to the president of India and builder of the 43-acre MediCity health care facility in Gurgaon, India, is emphasizing the globalization of medicine. "Mediconnect Global is uniquely positioned to offer easy, online access to an electronic copy of any patient's medical record at any time, from any location," he said.
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