A maker of electronic medical-records systems that employs about 700 people in Raleigh will merge with one of its rivals and move its headquarters to Chicago, the companies announced today.

The merger of Misys Healthcare Systems and Chicago-based Allscripts will create a company that will quickly become a leader in the medical software field, said Misys CEO Mike Lawrie.

Misys’ Raleigh operations will remain here, but headquarters of the merged Allscripts-Misys company will be in Chicago.

Misys' parent company is located in England. The company’s health-care division has struggled with slowing sales and has restructured its management team in Raleigh.

Misys will pay $330 million in cash for a 54.5 percent stake in the combined company. Shares of Allscripts-Misys Healthcare Solutions Inc. will trade on the Nasdaq Stock Market.

The combined company will have about 150,000 U.S. physicians and 700 hospitals as customers. One in three physicians will use the company’s software, Lawrie said.

The transaction will be completed in the third quarter of 2008.

Lawrie will become chairman of Allscripts-Misys and Glen Tullman, who is the CEO of Allscripts, will become CEO of the merged company.