Netsmart (NASDAQ:NTST)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Netsmart Charts. Click Here for more Netsmart Charts.](/p.php?pid=staticchart&s=N%5ENTST&p=8&t=15)
Netsmart Technologies Acquires Addiction Management Systems, Inc.
Netsmart and AMS combination anticipated to be beneficial to customers and to
marketplace
GREAT RIVER, N.Y., June 20 /PRNewswire-FirstCall/ -- Netsmart Technologies,
Inc. (NASDAQ:NTST), a leading supplier of enterprise-wide software for health
and human services providers through its wholly owned subsidiary, Creative
Socio-Medics Corp. (Creative), today announced that it has acquired the assets
of Addiction Management Systems, Inc. (AMS) of Long Island City, NY for an
undisclosed amount that included cash and the assumptions of certain contract
liabilities. Creative and AMS are leaders nationally in the development and
implementation of automated dispensing systems for methadone clinic management
programs, with each company having more than 150 clients. There are 1,100
methadone clinics in the United States.
James Conway, CEO of Netsmart said, "We are excited about the acquisition and
the combination of the Creative and AMS client bases." Mr. Conway went on to
say, "I believe that our customers will benefit from this acquisition by having
expanded investment in R&D, support and product enhancements for both user
communities. We will have a dynamic offering to the marketplace in terms of
state-of-the-art products. This combination positions our Company as the
largest supplier of automated computerized methadone dispensing systems in the
United States".
AMS president, Dr. Ronald Brady MD, originated the process of automated
computerized Methadone dispensing. As the Director of Medicine, Research and
Resident Training at the Bridge Plaza Treatment and Rehabilitation Clinic in
New York City and an Associate Professor of Psychiatry at Columbia University,
Dr. Brady is intimately familiar with the requirements and challenges faced by
clinic personnel involved in the treatment of substance abuse at all levels,
and he is constantly working to improve the efficiency and accountability of
systems and personnel within substance abuse. Integrated Total Solutions, Inc.,
a Miami-based investment advisory firm, represented AMS in this transaction.
Commenting on the sale, Dr. Brady noted that "AMS had reached the point in its
20 year evolution where continued growth and new product development called for
the capital and resources of a larger organization. Creative has the
experience and resources to take AMS to the next level in terms of new
technologies, while continuing to provide clients with affordable and reliable
solutions for managing their clinics. This acquisition will benefit our
respective clients by adding greater support depth and improving product lines,
including automated medication dispensing, patient record keeping, and
real-time billing."
About Netsmart Technologies, Inc.
Netsmart Technologies, Inc. of Great River, NY, through Creative Socio-Medics,
is an established, leading supplier of enterprise-wide software solutions for
health and human services providers with over 600 clients, including 26 systems
with state agencies. Creative's clients include health and human services
organizations: public health agencies, mental health and substance abuse
clinics, psychiatric hospitals, and managed care organizations. Avatar Practice
Management and the Avatar Clinician Work Station, Creative's core products, are
full-featured information systems that operate on a variety of operating
systems, hardware platforms, and mobile devices and offer unlimited
scalability.
Statement on Behalf of Netsmart Technologies, Inc.
Statements in this press release may be "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. Words such as
"anticipate", "believe", "estimate", "expect", "intend" and similar
expressions, as they relate to the company or its management, identify
forward-looking statements. These statements are based on current expectations,
estimates and projections about the company's business based, in part, on
assumptions made by management. These statements are not guarantees of future
performance and involve risks, uncertainties and assumptions that are difficult
to predict. Therefore, actual outcomes and results may, and probably will,
differ materially from what is expressed or forecasted in such forward-looking
statements due to numerous factors, including those described above and those
risks discussed from time to time in Netsmart's filings with the Securities and
Exchange Commission. In addition, such statements could be affected by risks
and uncertainties related to product demand, market and customer acceptance,
competition, pricing and development difficulties, as well as general industry
and market conditions and growth rates, and general economic conditions. Any
forward-looking statements speak only as of the date on which they are made,
and the company does not undertake any obligation to update any forward-looking
statement to reflect events or circumstances after the date of this release.
Information on Netsmart's or Creative's website do not constitute a part of
this release.
DATASOURCE: Netsmart Technologies, Inc.
CONTACT: Netsmart Technologies Contact: Ron Marge, 1-800-421-7503,
ext. 2026, ; Carpe DM, Inc. - Stuart Fine, +1-908-490-0075,
Web site: http://www.netsmartech.com/