Orbotech Subsidiary Announces Acquisition and Expansion into New Industry
27 Setembro 2011 - 9:48AM
Business Wire
Orbotech Ltd. (NASDAQ/GSM SYMBOL: ORBK) today announced that its
subsidiary, Orbograph Ltd., has acquired the assets of Correct
Claims Now (CCN) LLC, a privately held company that provides
services in the field of Healthcare Revenue Cycle Management.
Orbotech’s strategic growth plan includes expansion of the
Company and its subsidiaries into adjacent and synergistic
technologies and industries that capitalize on strong core
competencies. While the financial terms of this transaction are not
material to Orbotech, this acquisition is in line with these
principles.
There is a strong demand by healthcare providers for an
electronic solution that can replace the existing norm of costly
and error-prone manual reconciliation and posting of payments
against claims. The integration of CCN into Orbograph will
capitalize on the best of both companies’ competencies to enable
more efficient electronic processing of payments between the
healthcare provider and payer.
Commenting on the announcement, Mr. Amichai Steimberg, Chief
Operating Officer of Orbotech Ltd., said: “This acquisition by
Orbograph is consistent with our company’s inorganic growth
strategy. It leverages Orbograph’s core expertise, technologies and
customer base. We look forward to Orbograph realizing the full
business potential of this large, evolving industry.”
About Orbotech Ltd.
Orbotech Ltd. (NASDAQ/GSM: ORBK) has been at the cutting edge of
the electronics industry supply chain, as an innovator of enabling
technologies used in the manufacture of the world’s most
sophisticated consumer and industrial products, for over 30 years.
The Company is a leading provider of yield-enhancing and production
solutions, primarily for manufacturers of printed circuit boards
and flat panel displays; and today, virtually every electronic
device is produced using Orbotech technology. The Company also
applies its core expertise and resources in other advanced
technology areas, including character recognition for check and
forms processing and solar photovoltaic manufacturing.
Headquartered in Israel and operating from multiple locations
internationally, Orbotech’s highly talented and inter-disciplinary
professionals design, manufacture, sell and service the Company’s
end-to-end portfolio of solutions for the benefit of customers the
world over. For more information visit www.orbotech.com.
About Orbograph Ltd.
Orbograph (www.orbograph.com) is a leading provider of
recognition-centric software and services for the check processing
industry. Orbograph’s innovative technologies are in use in over
1,000 financial institutions and service bureaus, processing
billions of checks and related documents annually.
Cautionary Statement Regarding
Forward-Looking Statements
Except for historical information, the matters discussed in this
press release are forward-looking statements within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995. These
statements relate to, among other things, future prospects,
developments and business strategies and involve certain risks and
uncertainties. The words “anticipate,” “believe,” “could,” “will,”
“plan,” “expect” and “would” and similar terms and phrases,
including references to assumptions, have been used in this press
release to identify forward-looking statements. These
forward-looking statements are made based on management’s
expectations and beliefs concerning future events affecting
Orbotech and are subject to uncertainties and factors relating to
its operations and business environment, all of which are difficult
to predict and many of which are beyond the Company’s control. Many
factors could cause the actual results to differ materially from
those projected including, without limitation, cyclicality in the
industries in which the Company operates, the Company’s production
capacity, timing and occurrence of product acceptance, worldwide
economic conditions generally, especially in the industries in
which the Company operates, the timing and strength of product and
service offerings by the Company and its competitors, changes in
business or pricing strategies, changes in the prevailing political
and regulatory framework in which the relevant parties operate or
in economic or technological trends or conditions, including
currency fluctuations, inflation and consumer confidence, on a
global, regional or national basis, the level of consumer demand
for sophisticated devices such as smartphones, tablets and other
electronic devices, the impact of the recent events in Japan and
other risks detailed in the Company’s SEC reports, including the
Company’s Annual Report on Form 20-F for the year ended December
31, 2010. The Company assumes no obligation to update the
information in this press release to reflect new information,
future events or otherwise, except as required by law.
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