Philips announced on March 26, 2008, that it would acquire TOMCAT Systems Ltd., a Belfast, Northern Ireland, supplier of cardiovascular information-system software. The transaction was expected to close in the second quarter of 2008, and the reported announcement did not disclose a purchase price.
When did Philips acquire Tomcat?
Philips announced its intention to acquire TOMCAT Systems on March 26, 2008. The transaction was expected to close in the second quarter of that year, and Tomcat was to become part of Philips’ Healthcare Informatics business group. Philips’ 2009 annual report later recorded the Tomcat transaction under Healthcare IT with the date March 26, 2008. The sources establish the announcement and expected closing period; they do not provide a separate completed-closing date.
What did Tomcat’s software do?
Tomcat supplied cardiovascular information-system (CVIS) software for hospitals. It brought cardiac-care data together and presented it in a patient-centered format for doctors and nurses, while supporting clinical workflows and operational management across cardiovascular services.
Reported capabilities included scheduling, staff and resource management, cost capture, report generation, and statistical information. The system could connect with clinical information systems, catheterization-laboratory workflow systems, and picture archiving and communications systems (PACS). It was compatible with Philips Xcelera and Philips Xper Information Management, as well as products from other vendors.
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Why did Philips want the company?
Philips described the acquisition as a way to expand its cardiology IT business and bring more integrated information tools to hospitals. The company said Tomcat’s existing compatibility with Philips cardiology systems could help speed the introduction of integrated cardiology solutions in North America and selected other markets. Philips’ stated aims included improving patient outcomes and helping hospitals operate more efficiently.
Oran Muduroglu, then general manager of Philips Healthcare’s Healthcare Informatics business group, said Tomcat’s solution was already implemented as a total solution in various hospitals and called it “a great match” with Philips’ cardiology information systems.
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How much did Philips pay for Tomcat?
The reported sources do not disclose the purchase price or other financial terms. A contemporaneous report gave Philips’ estimates that the global cardiology-informatics industry would grow from €275 million in 2008 to more than €400 million in 2011. Those figures were Philips’ estimates for the broader market, including comprehensive CVIS solutions; they were not Tomcat revenue or the acquisition value.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the announcement means
This was a healthcare-software acquisition focused on cardiology, rather than a disclosed financial investment with a publicly stated price. Philips sought to add a system that combined clinical data and cardiovascular-service workflows and that could work with Philips and third-party hospital systems. The available reporting documents Philips’ announced rationale and planned integration, but does not establish the final closing date or transaction terms.
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