UDMS Says No to IPO
Blaming current market conditions, MedPlus subsidiary UDMS (Cincinnati) has withdrawn its proposed IPO, which was announced in October 1997. The funds raised from the IPO of 2.6 million shares would have been used to acquire nine companies in the design automation software and services market. Subsequent plans to change its name to Synergis Technologies have also been put on hold. The offering may be restructured when market conditions improve, according to MedPlus president Richard Mahoney. "Rather than proceed with the offering under less than optimum circumstances, we felt it would be in the best interests of our shareholders to delay the offering at this time until more favorable market conditions prevail." With the pull-out, MedPlus stands to take a $3.3 million hit if the IPO is not completed by late March, the company's fiscal fourth quarter.