Affiliated Computer Services, Inc. has agreed to acquire CompIQ Corp., an Irvine, California-based provider of workers’ compensation claims review, re-pricing and software for $22 million, plus contingent payments based on future financial performance.
The transaction will be funded with a combination of cash on hand and borrowings under ACS’ existing credit facility. The acquisition is expected to close in May 2008, subject to customary conditions.
CompIQ is a national provider of medical bill review and cost-containment services for the workers’ compensation, group health and liability insurance industries. Its web-based software, IQReview, re-prices medical bills in accordance with usual and customary rates, state and hospital fee schedules and preferred provider organization discounts.
CompIQ’s trailing twelve month revenue for the period ending March 31, 2008, was approximately $17 million.
The business will be known as ACS CompIQ and will continue to be managed by CompIQ’s existing executive team, adding approximately 130 employees to ACS operations.
ACS, a global FORTUNE 500 company with 62,000 people supporting client operations reaching more than 100 countries, provides business process outsourcing and information technology to commercial and government clients.
Was this article valuable?
Here are more articles you may enjoy.