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  • Kodak to Acquire Practiceworks
Jul 2003
ROCHESTER, N.Y., July 21 -- Eastman Kodak Co.announced today that it has entered into an agreement to acquire PracticeWorks Inc., an Atlanta, Ga.-based provider of dental practice management software (DPMS) and digital radiographic imaging systems.

Under the agreement, Kodak will acquire all outstanding shares of PracticeWorks for approximately $500 million in cash. Kodak will pay $21.50 for each share of PracticeWorks common stock (and equivalents) and $7.33 for each share of PracticeWorks Series B preferred stock, plus approximately $34 million in net assumed debt and transaction fees. Kodak will also become the 100-percent owner of Paris-based subsidiary Trophy Radiologie SA, a maker of dental digital radiography equipment that PracticeWorks acquired in December.

Kodak said the deal is expected to add approximately $215 million to its revenue in the first full year and to be slightly dilutive through 2005 and accretive thereafter. It said it expects the acquisition to vault it into the leading position in the DPMS and dental digital radiographic market the way its 1998 acquisition of Imation's medical imaging business boosted it to the market-leading position in medical dry laser printing.

"We will be able to offer choices within a full spectrum of dental imaging products and services from traditional film to digital radiography and photography," said Dan Kerpelman, president of Kodak's Health Imaging Group and senior vice president of the company.

The agreement is subject to regulatory approvals and to approval by PracticeWorks shareholders. Pending these approvals, the deal is expected to close by the end of 2003.

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