Prism Acquires Healthcare Data Warehousing Company
The acquisition, completed late last month, was accounted for as a pooling of interests with Prism acquiring STI for 545,000 shares of Prism common stock. Prism's stock closed at 6 1/4 on June 15. STI's posted revenues of $4 million in 1997 and lists Detroit Medical Center, Kaiser Permanente and Promina Health Systems as clients.
Prism began focusing on offering consulting services to meet the needs of specific industries last year. The acquisition of STI comes on the heels of an acquisition in January of Customer Focus International, which specializes in consulting to the finance industry.
STI's products and services include Concur, a system for building business and data models, and strategic plans; Convey, software used in conjunction with Concur to gather information; Healthcare Data Model, a blueprint for implementing solutions; and Parados, software that leverages data for analysis and benchmarking uses.
All STI's employees will become employees of Prism Solutions and will continue to work from STI's Atlanta office. STI's founder, president and CEO Jane Griffin will become vice president of business solutions for Prism and will direct Prism's healthcare practice.
"Prism and Systems Techniques have a common philosophy of building partnerships with our customers to create information solutions that increase competitiveness and profitability," Griffin said of the merger.
Prism, has 355 customers worldwide and offices in the United States, Australia, Canada, France, Germany, Hong Kong, Mexico, the Netherlands, New Zealand, Singapore, Spain and the United Kingdom.