The healthcare information technology sector continued to see gains in the third quarter, with IT stocks driving overall market performance, according to the latest report by Healthcare Growth Partners.
Mergers and acquisitions among health IT companies rebounded in the third quarter, with larger deals being made. Reported deals totaled $14.4 billion, up significantly from $205 million in the second quarter, according to the analysts' report, Q3 2009 Healthcare IT Transaction Summary. The majority of that increased value came from Dell's deal to acquire Perot Systems Corp. and Xerox Corp.'s deal to purchase Affiliated Computer Services.
At the same time, health IT stock performance gained 40%, over the general Standard & Poor's 500, which gained 17%, according to the report. The analysts said the health IT sector, as it was in the first half of the year, continues to be driven by the promise of federal funding through the American Recovery and Reinvestment Act of 2009.