EX-99.6 7 dex996.htm INVESTOR PRESENTATION Investor Presentation
Creating a Clear Leader
in Physician Solutions
Presentation to Analysts
March 18, 2008
EXHIBIT 99.6


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2
Forward Looking Statements
This communication contains forward-looking statements.  Those forward-looking statements include all
statements other than those made solely with respect to historical fact.  Forward-looking statements may
be identified by words such as “believes”, “expects”, “anticipates”, “estimates”, “projects”, “intends”,
“should”, “seeks”, “future”, continue”, or the negative of such terms, or other comparable terminology. 
Such statements include, but are not limited to, statements about the expected benefits of the transaction
involving Allscripts, MHS and Misys, including potential synergies and cost savings, future financial and
operating results, and the combined company’s plans and objectives.  In addition, statements made in this
communication about anticipated financial results, future operational improvements and results or
regulatory approvals are also forward-looking statements. Such forward-looking statements are subject to
numerous risks, uncertainties, assumptions and other factors that are difficult to predict and that could
cause actual results to vary materially from those expressed in or indicated by them. Factors that could
cause actual results to differ materially include, but are not limited to: (1) the occurrence of any event,
development, change or other circumstances that could give rise to the termination of the merger
agreement; (2) the outcome of any legal proceedings that have been or may be instituted against
Allscripts, Misys or MHS and others following announcement of entering into the merger agreement; (3)
the inability to complete the proposed transaction due to the failure to obtain stockholder or shareholder
approval
or
the
failure
of
any
party
to
satisfy
other
conditions
to
completion
of
the
proposed
transaction,
including
the
expiration
of
the
waiting
period
under
the
Hart-Scott-Rodino
Antitrust
Improvements
Act
of
1976, as amended, and the receipt of other required regulatory approvals; (4) risks that the proposed
transaction disrupts current plans and operations and potential difficulties in employee retention as a result
of the merger; (5) the ability to recognize the benefits of the merger; (6) legislative, regulatory and
economic developments; and (7) other factors described in filings with the SEC. Many of the factors that
will
determine
the
outcome
of
the
subject
matter
of
this
communication
are
beyond
Allscripts’,
Misys’
and
MHS’
ability to control or predict.  Allscripts can give no assurance that any of the transactions related to
the merger will be completed or that the conditions to the merger will be satisfied.  Allscripts undertakes no
obligation to revise or update any forward-looking statement, or to make any other forward-looking
statements, whether as a result of new information, future events or otherwise.  Allscripts is not
responsible for updating the information contained in this communication beyond the published date, or for
changes made to this communication by wire services or Internet service providers.


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Additional Information and Where to Find It
This communication is being made in respect of the proposed business combination involving Allscripts,
Inc. (“Allscripts”) and Misys Healthcare Systems LLC (“MHS”), a wholly owned subsidiary of Misys plc
(“Misys”). In connection with this proposed transaction, Allscripts intends to file with the Securities and
Exchange Commission (the “SEC”) a preliminary proxy statement, a definitive proxy statement and other
related materials, and Misys intends to file a shareholder circular with the Financial Services Authority in
the United Kingdom. The definitive proxy statement will be mailed to the stockholders of Allscripts, and
the shareholder circular will be mailed to the shareholders of Misys.  BEFORE MAKING ANY DECISION
WITH
RESPECT
TO
THE
PROPOSED
TRANSACTION,
INVESTORS
AND
SECURITY
HOLDERS
AR
E URGED TO READ THESE DOCUMENTS AND OTHER RELEVANT MATERIALS WHEN THEY
BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE
COMPANY AND THE PROPOSED TRANSACTION. Investors and security holders can obtain copies of
Allscripts’
materials (and all other offer documents filed with the SEC) when available, at no charge on the
SEC’s
website:
www.sec.gov.
Copies
can
also
be
obtained
at
no
charge
by
directing
a
request
for
such
materials
to Allscripts at 222 Merchandise Mart Plaza, Suite 2024, Chicago, Illinois 60654, Attention: Lee
Shapiro, Secretary, or to Misys at 125 Kensington High Street, London W8 5SF, United Kingdom,
Attention: Group General Counsel & Company Secretary. Investors and security holders may also read
and copy any reports, statements and other information filed by Allscripts with the SEC, at the SEC public
reference room at 100 F Street, N.E., Washington, D.C. 20549.  Please call the SEC at 1-800-SEC-0330
or
visit
the
SEC’s
website
for
further
information
on
its
public
reference
room.
Allscripts’
directors,
executive
officers
and
other
members
of
management
and
employees
may,
under
the
rules
of
the
SEC,
be
deemed
to
be
participants
in
the
solicitation
of
proxies
from
the
stockholders
of
Allscripts
in
favor
of
th
e proposed transaction.  Information about Allscripts, its directors and its executive officers, and their
ownership
of
Allscripts’
securities,
is
set
forth
in
its
proxy
statement
for
the
2007
Annual
Meeting
of
Stockholders of the Company, which was filed with the SEC on April 30, 2007.  Additional information
regarding the interests of those persons may be obtained by reading the proxy statement and other
relevant materials to be filed with the SEC when they become available.


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Agenda
Jim Malone, CFO of Misys plc
Misys Financials
Bill Davis, CFO of Allscripts
CFO designate of Allscripts-Misys
Synergies and
Allscripts-Misys Financials
Glen Tullman, CEO of Allscripts
CEO designate of Allscripts-Misys
Allscripts-Misys:
A Clear Leader
Mike Lawrie, CEO of Misys plc
Executive Chairman designate of
Allscripts-Misys
Strategy Overview :
A Transformational Deal


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5
About Misys
4,500 Employees Serving 120 Countries
£470m ($902m)
in Revenue (Fiscal 2007) –
Misys plc
LSE: MSY
Market Leader in Banking and Treasury and Capital markets
worldwide with over 1,200 banks and financial institutions
Significant Market Presence in Healthcare
Practice Management
Claims Management
Electronic Health Records
110,000 Physicians
£196m ($376m)
in Revenue (Fiscal 2007) –
Misys Healthcare


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Transforming Misys: The Turnaround 
Restructured the business
Rebalanced portfolio and aligned the asset base to the strategy and higher
growth market segments
Costs taken out to drive reinvestment and margin improvement
Focused on building a platform for growth
Building Global service business
Focusing on emerging markets: China, India, Middle East and Africa
Created Go to Market alliances with world-class partners; Digital China, HCL,
Wipro and SAP
Change driven by new and deeply experienced management team
Progress being made on the turnaround; operational improvements,
positive revenue growth, profit growth and development milestones


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A Transformational Deal
Misys and Allscripts will each combine  their respective
healthcare businesses into Allscripts-Misys
Misys will also transfer £165m ($330m) in cash to Allscripts-
Misys resulting in a 54.5% ownership interest (on a fully diluted
basis) for Misys in Allscripts-Misys
Allscripts shareholders will receive a special dividend of $330m
Cash will be financed by new banking facilities and a placing
underwritten by ValueAct Capital Management LLC
Allscripts-Misys Healthcare will be quoted on the NASDAQ
Misys plc will remain quoted on the LSE


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A Clear Leader in Physician IT Solutions
“The perfect match in the perfect market”: Top rated
EHR + market share leader for PM in the growing
small/mid-sized physician group market
Highly rated, innovative products in every market
segment in which we compete (small/mid/large)
Experienced and proven management team
Creates revenue/cost synergies and near-term value
accretion for Allscripts-Misys
High recurring revenue visibility and strong potential
profit growth
Strong growth potential in a growing market
A clear leader in clinical software, information and connectivity solutions


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Positioned to Capture the Healthcare Opportunity
Convergence of healthcare and technology in U.S.
Allscripts-Misys positioned to monetize $5 billion EHR market opportunity
Allscripts-Misys will:
Focus on presenting its enlarged customer base with a leading-edge
portfolio of products and services
Help streamline healthcare delivery through the innovative deployment of
IT and integrated solutions
Continue to support all the existing products from both companies, while
offering customers access to an enhanced portfolio including the
new
innovative MyWay EHR solution
Allscripts-Misys will be positioned to capitalize on the
transformation of U.S. Healthcare


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Allscripts-Misys: A Clear Leader
Glen Tullman, CEO of Allscripts
CEO designate of Allscripts-Misys


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11
A Vision…
Every day in the U.S.
approximately
150,000
physicians
*
will log on to a screen
that says
“Allscripts-Misys”
* Allscripts and Misys Estimates


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12
About Allscripts
1,150+ Employees
$280m in Revenue (2007)
Nasdaq: MDRX
40,000+ Physicians and 700+ Hospitals
Established Leader in Healthcare IT Market
Electronic Health Records
Practice Management
e-Prescribing
Document Imaging
Personal Health Records
Connectivity Solutions
Emergency Department Information System
Case Management


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Why the Physician Market?
Traditional View
Healthcare Revolves Around
the Hospital
Our View
Healthcare Revolves Around
the Physician


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Today’s Physician IT Market –
An
Opportunity
Clinical /
Electronic
Health Records
The Market…
Highly fragmented market with over 300 participants
Historically divided between core practice management and clinical vendors
Paradigm shift to complex clinical system driving IT decisions and
consolidation in the ambulatory markets
Allscripts-Misys…
A footprint of approximately 150,000 physicians
A complete portfolio of integrated solutions, products and services
Core Practice
Management
Epic
GE
NextGen
Sage
eCw


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A Proven Approach…
Practice Management System
Electronic Health Record
Installed Base (2008) = 113,000 MDs
Primarily in Small-Mid Sized Practices
2001:
Allscripts Gained Exclusive
Partnership to Market Allscripts
EHR to IDX PM Base
2008:
Allscripts Gains Exclusive
Opportunity to Market Allscripts
EHR to Misys PM Base
Installed Base (2001) = 138,000
MDs Primarily in Larger Practices


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Market Opportunity
~ 500,000 U.S. Practicing Physicians
x          80% EHR Market Opportunity
x  ~$12,000 Initial Investment/Physician
= ~$5 Billion Opportunity
Electronic Health Record (EHR) Market = ~ $5 Billion
Practice Management (PM) Market = ~ $1 Billion/Yr.
~10% to 20% of PM Systems Replaced/Yr.
Software Maintenance Agreement (SMA) = ~ $1 Billion/Yr.
Transactions = ~
$1 to 2 Billion/Yr.
American Presidential candidates see technology as the answer to
a
better healthcare delivery system


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The Market Segments in Which We Compete
Large Practices/
AMCs/Hospitals
25<
200 MDs
Mid-Sized
Practices
10<
24 MDs
Small Practices
1<10 MDs
Key:
Limited Presence
Leader
EHR
Practice Mgmt.
e-Prescribing
Connectivity
Solutions
Allscripts
Misys
Allscripts-
Misys
Source: Allscripts and Misys Assessment


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The Largest Client Footprint in the U.S.
Misys
110,000 Physicians, 18,000 Medical Practices, 600 Homecare Agencies
Allscripts


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The Largest Client Footprint in the U.S.
Allscripts-Misys
Approximately 150,000 Physicians and 700+ Hospitals Across the U.S.


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Compelling Strategic Rationale
Covers approximately 1 out of 3 of all physicians in America*
Brings together leaders in PM and EHR
Ability to network across healthcare from the emergency
department to the ambulatory settings
Large installed base to sell leading EHR and other products into
Ability to help drive industry and technical standards for
functionality and interoperability
Creates a “hub”
from which we can sell into an existing Misys PM
base, similar to the successful IDX strategy
Leader in
EHR and PM
Highly
Complementary
Businesses
Significant opportunity for revenue and cost synergies through
cross-selling and rationalisation of overlapping functions
Drives long-term top and bottom line growth
Stability through a high percentage of recurring revenue
Powerful
Strategic
Financial
Rationale
* Allscripts and Misys Estimates


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Creates a Clear Leader: Allscripts-Misys
A clear leader in clinical software, information and
connectivity solutions that empower physicians to
deliver healthcare safely, efficiently and effectively
+


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Allscripts-Misys financials
Bill Davis, CFO of Allscripts
CFO designate of Allscripts-Misys


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Transaction Summary
Allscripts-Misys Healthcare
Company Name
Four to Six Months
Expected Closing
$330m Cash (approximately $4.90 per share)
Retain their Shares in MDRX
NASDAQ listing maintained
Allscripts
Shareholders
Receive
Misys plc: 54.5%
Allscripts: 45.5%
Pro Forma
Ownership
Glen
Tullman
-
CEO
designate
Bill Davis -
CFO designate
Mike Lawrie -
Executive Chairman designate
Management
Allscripts to Merge with Misys Healthcare
Misys to pay $330m
Structure
Fully diluted shares


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Allscripts shareholders receive approximately $4.90 per share in
cash and 45.5%
ownership position in Allscripts-Misys
Annual cost synergies $15-$20m expected in first year following transaction close
Allscripts-Misys Long-Term Growth Profile
Low double digit top line growth
Better visibility and higher percentage of stable, recurring revenue
Up to $25m to $30m in annual cost savings within three years
Revenue synergies from cross-selling to respective install bases
Increased operating leverage expected to result in mid-teens EPS growth
Value Creation


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Significant and Realizable Synergy Opportunity
Cost synergies of $15m to $20m
expected in first year following
transaction close
Up to $25m to $30m in annual cost
savings within the next few years
Main drivers of cost synergies
include: Overhead, R&D, Marketing,
Administrative Functions
Revenue synergies expected from cross-
selling into respective client bases
Increased operating leverage expected to
result in mid teens EPS growth
Projected Cost Synergies
0
5
10
15
20
25
30
First Year
Run Rate
$15 -
$20 million
$25 -
$30 million


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Receive US antitrust clearance
Complete the carve-out financial audits
File the US proxy
Distribute the shareholder circular for Misys plc shareholders
Shareholder vote from both Misys plc and Allscripts shareholders
Significant transaction costs will be recognized by Allscripts in Q1
Expected to close in four to six months
Roadmap to Completion


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Misys Financials
Jim Malone, CFO of Misys plc


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Transaction Overview
Misys and Allscripts will each combine  their respective healthcare businesses into
Allscripts-Misys which will be listed on NASDAQ
Misys will also transfer £165m ($330m) in cash to Allscripts-Misys resulting in a 54.5%
ownership interest (on a fully diluted basis) for Misys in Allscripts-Misys
Allscripts shareholders will receive a special dividend of $330m
Mike Lawrie will become Executive Chairman of Allscripts-Misys in addition to his role
as CEO of Misys. Glen Tullman, CEO of Allscripts, will become CEO of Allscripts-Misys.
Expected to generate both revenue and cost synergies
Expected to be earnings accretive for Misys in the first full financial year post
completion
Completion expected Q3 2008, subject to the approval of shareholders of both Misys
and Allscripts and customary regulatory approvals
Misys will continue to own 100% of its Banking division and the enlarged Misys group
will continue to be listed on the London Stock Exchange


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Misys Financial Model
Mid-point of
End of
Turnaround
Turnaround
FY 2009-10
FY 2011-12+
March 2007 –
Strategy Presentation
Group Revenue (growth)
2-4%
4-6+%
Operating Margin, %
15-18%
18-20%+
March 2008
Group Revenue (growth)
7-9%
8-10%
Operating Margin, %
18-20%
20-22%+
Misys is now a growth company


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Financing
Equity financing at 175p
Full backstop equity commitment by ValueAct
If ValueAct
is issued with this entire amount,
its shareholding in Misys will increase from
19.4% to 25.8%
Market rates
Unsecured, 5 year maturity
Expected drawdown at 
completion of $25m
LIBOR market rate
Unsecured, 5 year term
No prepay penalty
Misys issued share capital to increase from
503.5m to 546.4m (excluding treasury shares)
Pro forma debt ratios
Leveraged on Banking and TCM
Net Debt/2007 EBITDA of 2x
2007 Interest Cover of 11.7x;;;
Debt Facilities -
$305M
$150M Equity
$150M Revolver
$155M Term Debt
Substantial Headroom


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Dividends
Misys evolves to a growth company
Misys expects to pay its dividend for the year ended
May 2008 in September
Future cash flows invested in business to fuel growth
Dividend policy to be kept under regular review
Transformation into a Growth Company


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Misys Capital Structure
Misys pre-transaction
Nov 2007
Capital Structure
£m
Shareholders equity
68
Cash and equivalents
31
Loans and overdrafts
4
Net (debt) / funds
27
Misys
post
transaction
pro
forma
Nov 2007
Capital Structure
£m
Shareholders equity
198 
Cash and equivalents
41
Loans and overdrafts
148
Net (debt) / funds
(108)
Revolving facility (new)
63


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Governance
Shareholder Rights
Allscripts-Misys continues as a NASDAQ listed company
Misys
will
enjoy
anti-dilution
rights
that
will
allow
Misys
to
maintain
its
majority control
Misys plc continues to be listed on the London Stock Exchange
Board
Misys will nominate 6 of 10 directors on the Allscripts-Misys Board
Mike Lawrie will be Executive Chairman
Operations
Allscripts-Misys to change financial year end to 31 May


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Current Trading and Conclusions
Mike Lawrie, CEO of Misys plc
Executive Chairman designate of Allscripts-Misys


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Misys Group financial performance
(9 months ended 29 Feb 2008)
£22M up 35% (2007: £16M)
£70M up 5% (2007: £67M)
ILF Revenue
£54M up 29% (2007: £41M)
£163M up 8% (2007: £150M)
Total Order Intake
£15M up 166% (2007: £6M)
£51M up 52% (2007: £34M)
Operating Profit
£48M up 3% (2007: £47M)
£141M up 1% (2007: £140M)
-
Healthcare
£31M up 15% (2007:£27M)
£94M up 9% (2007: £86M)
-
TCM
£35M up 24% (2007: £28m)
£110M up 10% (2007:£100M)
-
Banking
£114M up 12% (2007: £102M)
£345M up 6% (2007:£326M)
Group Revenue
Q3
9 Months to 29 Feb ‘08
Revenue, margin and order intake are shown on a like-for-like basis


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Q&A