IT company buys diabetes provider

Monday, June 30, 2008

NEW YORK--Healthnostics acquired a large stake in Global Medical Direct, a national provider of direct-to-consumer diabetes supplies, the company announced May 28. The deal, paid for with common stock, furthers Healthnostics’ strategic plan to grow through acquisitions and generate immediate revenue. Global is expected to reach $10 million in revenues by its fiscal year end June 30. “Our plan is to enhance their Web presence and expand GMD’s infrastructure order to keep pace with their projected growth,” said Healthnostics President Alan Grofe in a release. Healthnostics is a medical and biotech IT company.