iSOFT’s £120m refinance

HEALTH sector software specilaist iSOFT has completed a £120m refinancing.

The firm, which was founded in Manchester, and is now listed on the Australian Securities Exchange after being bought by Australian group IBA Health in 2007, secured the funding from three banks, Clydesdale, Barlcays and Westpac.

The iSOFT name was retained by IBA after the takeover and the company, which is a key supplier to the NHS, has offices in Warrington and Prestwich near Manchester.

Clydesdale Bank is sister company to Yorkshire Bank, which last year provided £18m for Bolton-based Ascribe – which also supplies IT systems to the healthcare sector.

Last week it was announced that four former iSOFT executives were facing legal action from the Financial Services Authority for an alleged “conspiracy to make misleading financial statements”.

The four, Patrick Cryne, Steve Graham, Tim Whiston and John Whelan now have no involvement with the business.