Emageon, of Birmingham, Ala., has announced that it has terminated its merger deal with Health Systems Solutions because the Tampa, Fla., company did not come up with the necessary funding by the Feb. 11 designated closing date.
On Feb. 11, HHS informed Emageon that it would likely not receive the funding from Stanford International Bank needed to close the transaction that day.
Because the merger was not completed on time, Emageon has received $9 million that had been placed in escrow with The Bank of New York Mellon.
Emageon said it will continue to evaluate other options in response to these developments.
