In November, Cytiva announced the signing of a letter of intent to acquire one45 Software Incorporated. Over the last three weeks we have been working hard to finalize and close this acquisition.
This is an exciting time for Cytiva. One45 Software provides undergraduate and graduate medical education software for medical schools and hospitals. One45 counts most of the universities in non-Quebec Canada as clients for its undergraduate medical school administration software. One45 also has had success in landing a number of prestigious U.S. medical schools as well, including Stanford, Temple and others.
As a testament to what a great company one45 is, they have achieved this penetration with virtually no sales or marketing.
We believe that there is a largely untapped market for one45’s medical school administration software in the U.S. Cytiva has averaged over 40% growth in revenue over the past few years and we have a strong and established U.S. marketing and sales channel that we think can accelerate the growth of one45’s products in the U.S.
Further, there is even more opportunity to expand one45’s products. First, nursing, medical assistant and veterinary schools all face process, regulatory and administration challenges similar to medical schools. We believe with our channels and support, one45 can leverage its software into these industries, allowing for even larger growth in revenue.
Finally, Cytiva’s SonicRecruit product line is well known for its success with mid-sized clients in hourly industries like manufacturing, retail, hospitality and food service. The next frontier for Cytiva is to leverage our software into the healthcare arena. We already have a number of healthcare facilities as clients and are keen to develop a talent management suite that is specific to the healthcare/hospital markets.
With one45, we can leverage their software for performance management to help healthcare organizations achieve JCHAO compliance, and for workforce deployment. In addition, we can tailor SonicRecruit to make it more specific to the challenges of finding talent in healthcare organizations which are arguably the hardest hit in the current and impending talent shortage.
In the meantime, medical and nursing school admissions continue to rise and hospitals continue to look inward with an eye towards “growing their own” talent. An education, sourcing, deployment and management product line for healthcare makes a lot of sense, and we believe that in time, this will be a strong vertical for Cytiva.
The team at one45 is comprised of innovative, energetic, and talented software development and support professionals and we look forward to working with them to achieve our collective goals.
As I said at the outset, we think these are exciting times at Cytiva. And we look forward to more success and new challenges in 2008.
Happy Holidays.
Jason Moreau
CEO
Monday, December 17, 2007
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