Concurrent Technologies Corporation's For-Profit Affiliate Acquires Assets of Coremotive, a Healthcare Consulting Company

JOHNSTOWN, Pa., June 8, 2011 /PRNewswire/ -- Concurrent Technologies Corporation's (CTC's) for-profit affiliate, Enterprise Ventures Corporation (EVC), has acquired the assets of Coremotive, a healthcare consulting and technology services firm, in a move that will further the Top 100 Government Contractor's drive to diversify into the healthcare marketplace.  The acquisition will expand product offerings and capabilities for Coremotive clients, who will continue to be served by the same expert staff as well as CTC subject-matter experts.

"For nearly 25 years, CTC has provided innovative, advanced technology solutions to the federal government and U.S. intelligence community.  More recently, CTC began applying its expertise in information technology, information security, data integration, supply-chain logistics and more to solving challenges for the healthcare industry," said Edward J. Sheehan, Jr., CTC's President and Chief Executive Officer.  "As a healthcare-only firm with extensive expertise in both process optimization and technology services, Coremotive used a unique, holistic approach to driving improvements in healthcare.  This timely acquisition increases our healthcare expertise and client relationships and brings additional subject-matter experts who are dedicated to providing innovative, patient-focused solutions at a critical time in the healthcare industry."

Most of Coremotive's work was in the private sector healthcare related industry. According to David A. Schario, President of EVC and CTC's Vice President, Physical Sciences and Engineering, CTC and its affiliates are interested in market diversification and growth that is consistent with each organization's respective missions.   "The acquisition is clearly a milestone for CTC's overall plan to penetrate the healthcare industry.  It's an exciting opportunity for both entities," Schario said.

According to Puneet Bakshi, a principal at Coremotive and a new employee of EVC, "Through EVC and its parent company, CTC, we now have access to a greater depth and breadth of services, new technical skill sets, a business development department, and a large corporate infrastructure.  Everything we do is for the benefit of our clients, and we are certain that this acquisition will allow us to do even more for the hospitals we serve around the nation."  

Bhanu Kohli, another former principal at Coremotive and now an EVC employee, adds, "We bring to the table an extensive wealth of knowledge and experience in the healthcare setting and in all facets of consulting and solutions delivery.  We help organizations steer through complex transformations, guiding them to improved efficiency and better quality of care through process redesign and technology platform development and deployment."

Also, part of the asset acquisition included a Healthcare Vertical Partner agreement with Microsoft®.  In this role, hospitals receive customized Microsoft technologies and solutions such as Customer Relationship Management (CRM), SharePoint, HealthVault, Amalga and BizTalk that will be implemented by EVC's team of professionals.

CTC Enterprise Ventures Corporation (EVC) is a wholly owned affiliate of Concurrent Technologies Corporation (CTC).  The mission of EVC is to transfer advanced technologies designed and created by CTC and others to the industrial base and to deliver high-quality products and services to its clients. 

An effective synergy has been established between EVC and CTC, enabling each to do what it is organized to do most effectively.  To that end, EVC leads all production efforts and provides low-cost professional services to its clients.  CTC provides support to EVC utilizing its design, development, engineering services and capabilities, leveraging CTC's experience. 

Concurrent Technologies Corporation (CTC) is an independent, nonprofit, applied scientific research and development professional services organization providing innovative management and technology-based solutions to government and industry. As a nonprofit 501(c)(3) organization, CTC's primary purpose and programs are to undertake applied scientific research and development activities that serve the public interest. For more information, visit www.ctc.com.

SOURCE Concurrent Technologies Corporation

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