Date Posted: 5/11/2010
Intuit to buy Medfusion for $91 million in cash
MOUNTAIN VIEW, Calif. (AP) -- Software maker Intuit Inc. said Monday it has agreed to buy Medfusion, a provider of communications services for health care providers, for about $91 million in cash.
Medfusion, based in Cary, N.C., is privately held. Its online service helps patients communicate with their providers to schedule appointments, pay bills, and request prescription refills, among other activities.
Intuit said the acquisition will accelerate its health care strategy by helping it provide ways for health care providers and consumers to interact online, access and manage personal health information and make it easier for patients to settle and track their health care expenses.
The deal is expected to close during Intuit's fiscal fourth quarter, which ends on July 31. Intuit said it expects the deal to reduce fiscal 2010 earnings by about 1 cent per share.
Stephen Malik, Medfusion's founder and CEO, will become a senior vice president and general manager at Intuit.
Shares of Intuit rose 25 cents to $35.96 in afternoon trading.
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