Orbotech Ltd. (NASDAQ/GSM SYMBOL: ORBK) today announced that its subsidiary, Orbograph Ltd., has acquired the assets of Correct Claims Now (CCN) LLC, a privately held company that provides services in the field of Healthcare Revenue Cycle Management.
Orbotech’s strategic growth plan includes expansion of the Company and its subsidiaries into adjacent and synergistic technologies and industries that capitalize on strong core competencies. While the financial terms of this transaction are not material to Orbotech, this acquisition is in line with these principles.
There is a strong demand by healthcare providers for an electronic solution that can replace the existing norm of costly and error-prone manual reconciliation and posting of payments against claims. The integration of CCN into Orbograph will capitalize on the best of both companies’ competencies to enable more efficient electronic processing of payments between the healthcare provider and payer.
Commenting on the announcement, Mr. Amichai Steimberg, Chief Operating Officer of Orbotech Ltd., said: “This acquisition by Orbograph is consistent with our company’s inorganic growth strategy. It leverages Orbograph’s core expertise, technologies and customer base. We look forward to Orbograph realizing the full business potential of this large, evolving industry.”About Orbotech Ltd. Orbotech Ltd. (NASDAQ/GSM: ORBK) has been at the cutting edge of the electronics industry supply chain, as an innovator of enabling technologies used in the manufacture of the world’s most sophisticated consumer and industrial products, for over 30 years. The Company is a leading provider of yield-enhancing and production solutions, primarily for manufacturers of printed circuit boards and flat panel displays; and today, virtually every electronic device is produced using Orbotech technology. The Company also applies its core expertise and resources in other advanced technology areas, including character recognition for check and forms processing and solar photovoltaic manufacturing. Headquartered in Israel and operating from multiple locations internationally, Orbotech’s highly talented and inter-disciplinary professionals design, manufacture, sell and service the Company’s end-to-end portfolio of solutions for the benefit of customers the world over. For more information visit www.orbotech.com. About Orbograph Ltd. Orbograph ( www.orbograph.com) is a leading provider of recognition-centric software and services for the check processing industry. Orbograph’s innovative technologies are in use in over 1,000 financial institutions and service bureaus, processing billions of checks and related documents annually. Cautionary Statement Regarding Forward-Looking Statements Except for historical information, the matters discussed in this press release are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to, among other things, future prospects, developments and business strategies and involve certain risks and uncertainties. The words “anticipate,” “believe,” “could,” “will,” “plan,” “expect” and “would” and similar terms and phrases, including references to assumptions, have been used in this press release to identify forward-looking statements. These forward-looking statements are made based on management’s expectations and beliefs concerning future events affecting Orbotech and are subject to uncertainties and factors relating to its operations and business environment, all of which are difficult to predict and many of which are beyond the Company’s control. Many factors could cause the actual results to differ materially from those projected including, without limitation, cyclicality in the industries in which the Company operates, the Company’s production capacity, timing and occurrence of product acceptance, worldwide economic conditions generally, especially in the industries in which the Company operates, the timing and strength of product and service offerings by the Company and its competitors, changes in business or pricing strategies, changes in the prevailing political and regulatory framework in which the relevant parties operate or in economic or technological trends or conditions, including currency fluctuations, inflation and consumer confidence, on a global, regional or national basis, the level of consumer demand for sophisticated devices such as smartphones, tablets and other electronic devices, the impact of the recent events in Japan and other risks detailed in the Company’s SEC reports, including the Company’s Annual Report on Form 20-F for the year ended December 31, 2010. The Company assumes no obligation to update the information in this press release to reflect new information, future events or otherwise, except as required by law.