Henry Schein Acquires Majority Interest In Dental Software Company, The Exan Group Exan serves dental schools in the U.S. and Canada, and general practice dentists primarily in Canada
MELVILLE, N.Y., Sept. 27, 2012 /PRNewswire/ -- Henry Schein, Inc. (NASDAQ: HSIC), the world's largest provider of health care products and services to office-based dental, medical and animal health practitioners, today announced that is has acquired a majority interest in The Exan Group (Exan), a privately held dental software company with headquarters in Port Coquitlam, British Columbia, Canada. The remaining ownership interest will continue to be held primarily by Exan executive management. Through this transaction Henry Schein further expands its business with dental schools in the U.S. and Canada, as well as general practice dental offices primarily in Canada.
Sales by Exan for the last 12 months were approximately $11.7 million. This transaction is expected to be neutral to Henry Schein's financial results for the remainder of 2012 and 2013, and expected to be accretive thereafter. Financial terms were not disclosed.
Exan's main product is axiUm, a dental institution management software solution that is sold to approximately 65 dental schools in the U.S. and Canada and represents approximately 75% of total revenue. Exan also develops and sells Power Practice, a practice management software solution for general dental practices that is used by approximately 750 practices, primarily in Canada, and represents approximately 23% of total revenue.
"Exan is known for its excellent dental software technology, and as such has enjoyed considerable success in dental schools with a premium product, and recently has successfully expanded into the enterprise market and to international dental schools," said Stanley M. Bergman, Chairman and Chief Executive Officer of Henry Schein. "We are optimistic about the growth opportunities for Exan's products and services, in particular as they complement our enterprise business and will provide access to dental schools for our special markets merchandise."
"Exan's growing presence among dental schools is particularly important to us because dental students are Henry Schein's future customers. We are delighted to add this high-growth business with customizable software solutions to Henry Schein," added Mr. Bergman.
Exan has 82 team members, including 76 at headquarters outside Vancouver. Exan CEO Ted Devries will serve as President of the company and CFO Bill Gold will serve as Vice President of Finance.
"By joining forces with Henry Schein, Exan has new opportunities on a global basis and the support of the dental industry's preeminent value-added distributor," said Mr. Devries. "We now have access to the tremendous resources and expertise of Henry Schein, and are able to take Exan's business to the next level."
About Henry Schein, Inc.
Henry Schein, Inc. is the world's largest provider of health care products and services to office-based dental, medical and animal health practitioners. The Company also serves dental laboratories, government and institutional health care clinics, and other alternate care sites. A Fortune 500® Company and a member of the NASDAQ 100® Index, Henry Schein employs nearly 15,000 Team Schein Members and serves approximately 775,000 customers.
The Company offers a comprehensive selection of products and services, including value-added solutions for operating efficient practices and delivering high-quality care. Henry Schein operates through a centralized and automated distribution network, with a selection of more than 90,000 national and Henry Schein private-brand products in stock, as well as more than 100,000 additional products available as special-order items. The Company also offers its customers exclusive, innovative technology solutions, including practice management software and e-commerce solutions, as well as a broad range of financial services.
Headquartered in Melville, N.Y., Henry Schein has operations or affiliates in 26 countries. The Company's sales reached a record $8.5 billion in 2011, and have grown at a compound annual rate of 18% since Henry Schein became a public company in 1995. For more information, visit the Henry Schein Web site at www.henryschein.com.
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SOURCE Henry Schein, Inc.