McKesson Corp. McKesson Corp. Follow this company , the San Francisco pharmaceutical distribution and health care IT company, is buying a Pennsylvania software firm for $90 million, according to a holding company that holds a big stake in Portico Systems Inc. Portico Systems Inc. Follow this company
Holding company Safeguard Scientifics Inc. Safeguard Scientifics Inc. Follow this company which focuses on growth-stage life sciences and technology companies, said Wednesday its partner Portico Systems has signed a definitive agreement to be acquired by McKesson.
Blue Bell, Pa.-based Portico makes software that helps health insurance companies reduce administrative, medical and IT costs, according to its web site. It has a West Coast office in Beaverton, Ore.
McKesson (NYSE:MCK) has agreed to pay $90 million for Portico, including $5 million that is contingent on meeting performance milestones.
Wayne, Pa.-based Safeguard (NYSE: SFE) said it expects to $38 million for its equity interest in Portico, including $2 million contingent on performance. In addition, Safeguard said it will be repaid for a $5 million mezzanine debt facility with Portico.
The deal is expected to close in 2011’s third quarter, subject to standard conditions and clearances.
