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Velos Acquires Summit Medical Systems Inc.
San Francisco, CA - December 29, 1998 - Velos
Medical Informatics, Inc., a privately held corporation
headquartered in Fremont, California today announced the completion
of its acquisition of the assets of the healthcare provider software
business of Summit Medical Systems, Inc. (NASDAQ:
SUMT).
Velos has assumed responsibility for support and
service for all of Summit's Crescendo!, Vista and DOS software
products. Currently, this includes support for over 800 customers.
Velos will continue to support customers beyond Summit's previously
announced 'sunset' dates of December 31, 1998 for the DOS product
and June 30, 1999 for Vista and Crescendo!.
"Our foremost
goal is to provide customers with a seamless transition to Velos and
deliver the same exceptional service to which they are accustomed,"
stated John McIlwain, President of Velos Medical Informatics. Velos
has retained the majority of Summit's existing Minneapolis-based
client services and administrative staff and will maintain an office
in the Minneapolis area focused on the cardiology and cardiothoracic
surgery markets.
McIlwain said, "Velos intends to build upon
Summit's customer base with continued client support and additional
product development. We are committed to working with our customers
to deliver high quality, competitively priced
products."
Velos designs, develops and markets disease
management software for the renal disease/dialysis, transplantation,
oncology, cardiology and cardiothoracic surgery markets. Velos
software encompasses patient care, clinical outcomes, scheduling,
clinical research, case management, financial management and
decision support. Velos has developed and implemented a
clinician-focused and process-centered approach to information
management. Customers use the Company's products, and the
information provided, to bridge customer/supplier relationships
within and across healthcare constituencies including hospitals,
clinicians, administrators, research sponsors, and managed care
organizations.
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