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Quotes & Info
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| MDRX > SEC Filings for MDRX > Form 8-K on 5-Mar-2009 | All Recent SEC Filings |
5-Mar-2009
Entry into a Material Definitive Agreement, Financial
On March 1, 2009, Allscripts-Misys Healthcare Solutions, Inc. ("Allscripts") and Misys plc ("Misys") entered into a Shared Services Agreement dated as of March 1, 2009 and effective as of October 10, 2008 (the "Services Agreement"). As previously disclosed, on October 10, 2008, Allscripts entered into a Memorandum of Understanding dated as of October 9, 2008 with Misys regarding the Services Agreement. The Services Agreement was approved by the Audit Committee of Allscripts' Board of Directors.
The Services Agreement provides for the provision of certain services by Misys
to Allscripts and its affiliates and the provision of services by Allscripts to
Misys and its affiliates. The services being provided to Allscripts include:
(1) human resource functions such as administration, selection of benefit plans
and designing employee survey and training programs, (2) management services,
(3) procurement services such as travel arrangements, disaster recovery and
vendor management, (4) research and development services such as software
development, (5) access to information technology, telephony, facilities and
other related services at Misys' customer support center located in Manila, The
Philippines; and (6) information system services such as planning, support and
database administration.
The services provided by Allscripts include (1) payroll services, (2) facility space and (3) tax services such as preparation and submission of US federal, state and local tax forms and franchise tax planning and compliance.
Fees under the Services Agreement will be invoiced monthly. The net monthly fees due from Allscripts to Misys under the agreement are expected to be approximately $600,000 to $800,000 plus software development fees to be charged as incurred and third-party expenses to be billed at actual cost.
The parties may add additional services to the Services Agreement upon their mutual agreement. The Services Agreement has an initial one-year term from October 10, 2008 and may be renewed upon the mutual agreement of Misys and Allscripts. Subject to certain exceptions, a recipient of services may terminate services provided under the Services Agreement upon at least 45 days prior written notice.
The summary disclosure above is being furnished to provide information regarding certain of the terms of the Services Agreement. A copy of the Services Agreement is attached to, and is incorporated by reference into, this Current Report on Form 8-K as Exhibit 10.1. The foregoing description of the Services Agreement is qualified in its entirety by reference to the full text of the Services Agreement.
(d) Exhibits.
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