| |
Healthcare Data Firms to Merge
In the US, data-driven healthcare solutions firm Verscend Technologies is to spend $4.9bn in cash to acquire Cotiviti Holdings, which provides payment accuracy and analytics-driven solutions, mostly for the healthcare industry.
 Verscend, known until two years ago as Verisk Health, is a portfolio company of Veritas Capital. The offer of $44.75 in cash per share of Cotiviti common stock represents a 32% premium to Cotiviti's unaffected share price as of June 4th. Verscend will assume all of Cotiviti's outstanding debt. The transaction has been unanimously approved by Cotiviti's Board of Directors and should close in Q4, subject to conditions and approvals.
Veritas, which is also an investor in Truven Health Analytics, says it 'brings a culture of intense customer focus and a drive for growth through focused R&D and product innovation'.
Emad Rizk (pictured), President and CEO of Verscend comments: 'We are thrilled to partner with Cotiviti, which has become an important player in the growing and increasingly important and complex healthcare payment accuracy space. Together, Verscend and Cotiviti will offer our clients a comprehensive, integrated end-to-end solution to address the estimated $900 billion in healthcare waste and abuse across the claims payment and care continuum. Financial data coupled with clinical data from our Risk Adjustment, Quality, and Population Health lines of business offer increased value to commercial payers, government entities, and providers'.
The firms are online at www.cotiviti.com and www.verscend.com .
|
