National Data Corp., Atlanta, a leading transaction processor, said it has a definitive agreement to buy CIS Technologies Inc., a major provider of products and services for health care organizations.
The stock deal would be worth $97 million at Monday's closing price, National Data said. The agreement is subject to approval by CIS shareholders.
National Data has been rapidly expanding its medical processing business during the past several years. It is one of the nation's largest processors of electronic claims for health care.
Tulsa, Okla.-based CIS is the nation's largest independent processor of hospital electronic data interchanges. It also has business office, managed care, and physician practice management operations.
The purchase would expand National Data's national health-care information network to a broader base of hospital and physician locations, and would add to the services CIS offers its health care customers.
CIS would operate as a subsidiary of National Data. The deal would give it capital to expand, National Data said.
Philip D. Kurtz would remain chief executive of CIS, reporting to National Data's chairman and chief executive, Robert A. Yellowlees. - Valerie Block