Vemics, a leading provider of hosted, real-time collaboration and meeting solutions announced today the acquisition of Austin-based NuScribe™, Inc., (www.nuscribe.com) a developer of voice recognition software applications and web-based productivity tools for the medical, pharmaceutical and healthcare industries for $9 Million in an all-stock transaction with Vemics’ stock valued at $.90 per share. The combined Vemics and NuScribe technologies will be well positioned to serve a market of over 600,000 physicians in the United States with an integrated real-time productivity toolset, greatly reducing the cost and time spent creating electronic medical records industry-wide.
The acquisition makes Vemics (www.vemics.com) the first company to deliver single-sourced online solutions for:
electronic medical record creation
live, interactive virtual medical education and collaboration
real-time marketing for pharmaceutical companies
Physicians nationwide will benefit from greatly simplified electronic medical records creation, freeing more time for patients. In addition, doctors will have real-time access to medical records and other healthcare professionals nationwide, lowering medical costs and improving clinical results. Also, the new web conferencing platform eliminates travel to live continuing medical education seminars and medical events. Medical professionals can also utilize the platform to deliver online seminars.
NuScribe SMR™, NuScribe’s flagship product, is a web-based, speech-enabled medical documentation system that helps medical professionals save time, increase revenue and cut costs while streamlining the entire medical transcription process. The system enables physicians to create, edit, sign and dispatch patient notes, electronic medical records, prescriptions, referral letters and more. NuScribe’s document templates, voice macros and patient-specific fields, customized for the physician, greatly reduce physical dictation time and costs.
During the transition period, scheduled to be complete by mid first-quarter 2007, both companies will maintain current business activities while working collectively to produce the new integrated collaboration and productivity tools.
“We are very impressed with Vemics’ custom online instructor-led education and collaboration solutions. There is tremendous value in combining NuScribe’s technology, development capability and customer base to produce the next-generation of fully collaborative, hosted productivity tools for the healthcare industry,” said Tom Dorsett, CEO and co-founder of NuScribe. “This is an exciting time for healthcare information technology and we are now collectively positioned to move to the forefront of the market.”
Dorsett will be senior vice president, business development for Vemics overseeing continued sales into the U.S. hospital and medical markets, building strategic alliances and the development of physician-centric online tools. Dorsett will also lead the integration of the NuScribe transition into Vemics.
“We are very excited by the NuScribe acquisition. Integrating our technologies will play a major role in the creation, management and HIPAA compliant transport of electronic health information,” said Fred Zolla, CEO, Vemics, Inc. “Combined with our next-generation visual collaboration tools and the delivery of Continuing Medical Education programs, Vemics is continuing to build an unparalleled suite of tools to assist the medical community.”
About Vemics, Inc.
Vemics, Inc (PINKSHEETS: VMCI), is a leading provider of hosted, real-time conferencing and collaboration applications. Vemics LiveAccess(TM) solutions combine multipoint video/voice and data technologies with industry specific content, consulting expertise and deep customer support enabling organizations large and small to work, collaborate and learn face-to-face, online from almost anywhere with little or no capital investment. Vemics delivers bottom-line benefits to companies and institutions that need to expand collaborative reach beyond conference rooms and classrooms, speed work processes or need best-in-class industry specific content delivered in real-time by leading trainers, subject matter experts and coaches. Vemics is based in New York, with offices in Boston, Philadelphia and Austin.
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy ,integration of NuScribe’s business into ours, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in our filings with www.pinksheets.com. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
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