DriverShield Corp., headquartered in Coral Springs, Fla., changed its name to Accessity Corp. and its ticker symbol to ACTY, as part of its plan to diversify the business into non-automotive areas. The new corporate name was approved by shareholders at the company’s 2002 Annual Meeting in December.
In keeping with its plan to diversify, the company recently announced a Memorandum of Understanding to acquire Michigan-based Presidion Solutions Inc., a privately held Professional Employer Organization (PEO).
DriverShield, now in its 20th year, began as a nationwide claims management company for self-insured corporate and municipal auto fleets, handling such services as collision repair, subrogation and salvage disposal. The fleet business unit was sold in February 2002 to PHH Arval, a subsidiary of Cendant Corp.
The company will continue to operate its profitable Auto Discounts and Services (ADS) business, which provides, among other things, auto repair and maintenance service programs to consumers through financial institutions and membership organizations.
The diversification effort began in late 2002 with the launch of Sentaur, a business that provides medical subrogation services to hospitals and other health care providers.
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