Cerner Corp. said on Tuesday it would buy the health information technology unit of German company Siemens AG for $1.3 billion in cash.
As part of the deal, Kansas City, Mo.-based Cerner, a medical records technology provider, and Malvern, Pa.-based Siemens Health Services would each contribute up to $50 million in joint funding on projects as part of a strategic alliance aimed at integrating health care information technology with medical technology to improve diagnostic and therapeutic processes and work flow in hospitals and medical research—a growing area of the health care industry.
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