"We're very optimistic about the agreement," said Joseph F. Panas, the chief executive officer of ISS. "Our clients will benefit from the resources of both technology companies with expanded services and our ability to leverage more competitive product pricing.
"Our goal is to reduce costs and improve the quality of service."With the purchase, ISS
now has 241 employees.
That venture capital company has been shedding its operating divisions, according to Panas
.ISS management started integrating computer services and computer solutions in 1993, when it created a computer services division.The division has grown to 30 workers who serve 40 client companies, including Merck & Co.
, International Paper
and the Northeast Bradford school district
.Last summer, the division installed a $45,000 video conferencing system for the Luzerne County Court House to allow prisoner identifications from the county jail.
The firm started in 1975 as a clinical engineering company that serviced complicated hospital equipment, medical devices and diagnostic equipment.ISS
was formed as a spinoff of the Emergency Care Research Institute of Whitpain
in a joint venture of West German
and Saudi businessmen, said Panas
.The small Philadelphia company had more than 25 workers when it moved to an office at Butler and Germantown pikes in Plymouth.The clinical engineering portion of the business has grown to 100 technicians and managers in nine district offices in 10 states.The 90 field technicians service hospital equipment at Geisinger Health Systems
(the parent company of ISS) in Wilkes-Barre, Luzerne County; Chester County Hospital
in West Chester; and Soldiers and Sailors Hospital
in Wellsboro, Tioga County.Clinical service work from about 120 client hospitals accounts for 75 percent of the business.Annual service fees range from $50,000 to $1 million, depending on the complexity and the number of machines included in each contract.
...Panas grew up in Philadelphia, graduated from Northeast Catholic High School and earned a mechanical engineering degree at Villanova University.He worked at United Aircraft as a project engineer and conducted applied research at RCA in Camden, N.J. Panas earned an MBA at the Harvard Business School and worked as a product planner for six years at Ford Motor Co.He became a manager at SCM Corp. and Somat Corp. in Coatesville, Chester County, before joining ISS in 1985 as general manager. Panas
has resided in Tredyffrin, Chester County
, for 30 years.