Microsoft and GE Healthcare Complete Joint Venture Agreement

Companies receive regulatory approvals to form new company Caradigm.

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Jun 06, 2012, 09:00 ET

REDMOND, Wash., and BARRINGTON, Ill., June 6, 2012 /PRNewswire/ -- General Electric Co. (NYSE "GE"), through its healthcare IT business, and Microsoft Corp. (Nasdaq "MSFT") today announced they have completed the formation of Caradigm™, a 50-50 joint venture aimed at enabling health systems and professionals to use real-time, organization-wide intelligence to improve healthcare quality and the patient experience.

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Caradigm will develop and market an open healthcare intelligence platform and collaborative clinical applications focused on enabling better population health management to improve outcomes and the economics of health and wellness. Plans for the joint venture were first announced on Dec. 7, 2011, and the final agreement was completed on June 1, 2012.

The Caradigm board of directors and leadership team, announced in February, is composed of executives from both parent companies. Caradigm will be led by CEO Michael Simpson, who joins the company from GE Healthcare. In addition, the companies today announced the appointment of Lauren Salata as chief financial officer and Michael Willingham as quality assurance and regulatory affairs executive for Caradigm. Salata previously served as the chief financial officer (CFO) and compliance officer of Care Innovations, an Intel and GE company based in Roseville, Calif. Willingham joins Caradigm from Philips Healthcare in Bothell, Wash., where he served as senior director of quality and regulatory affairs.

"The combination of people and technology from GE Healthcare and Microsoft will allow us to drive the dramatic change that is needed in healthcare," Simpson said. "By forming Caradigm, we can offer innovative healthcare solutions, including an open platform and tools that enable software developers around the world to address the complexities of population health today."

Caradigm will be located at City Center Bellevue in Bellevue, Wash., with significant presence in Salt Lake City, Utah; Andover, Mass.; Chevy Chase, Md.; and other cities around the world.

Additional information and news about Caradigm can be found at http://www.caradigm.com.

About GE Healthcare
GE Healthcare provides transformational medical technologies and services that are shaping a new age of patient care. Our broad expertise in medical imaging and information technologies, medical diagnostics, patient monitoring systems, drug discovery, biopharmaceutical manufacturing technologies, performance improvement and performance solutions services help our customers to deliver better care to more people around the world at a lower cost. In addition, we partner with healthcare leaders, striving to leverage the global policy change necessary to implement a successful shift to sustainable healthcare systems.

About Microsoft in Health
Microsoft is committed to improving health around the world through software innovation. For over 16 years, Microsoft has been providing a broad portfolio of technologies and collaborating with partners worldwide to deliver solutions that address the challenges of healthcare providers, public health and social services, payers, life sciences organizations, and consumers. Today, Microsoft invests in technology innovation and works with health organizations, communities and over 20,000 partners around the world to make a real impact on the quality of healthcare.

About Microsoft
Founded in 1975, Microsoft (Nasdaq "MSFT") is the worldwide leader in software, services and solutions that help people and businesses realize their full potential.

SOURCE Microsoft Corp.