Fiserv, Inc. has agreed to acquire Memphis-based MedPay Corporation, a provider of workers’ compensation prescription services, in a move that further expands its Fiserv Health business.
No financial details are being released pending the closing of the transaction. Fiserv expects to close the acquisition in early 2004.
MedPay is the parent of Third Party Solutions, Inc. and DirectComp RX, Inc. Third Party Solutions is a provider of workers’ comp prescription processing services. DirectComp helps employers and insurers to lower the costs for their workers’ comp prescription programs.
James Cox, president of Fiserv Health, said MedPay offers Fiserv the ability to expand into workers’ comp prescription services.
“This is a very exciting opportunity for Fiserv Health to join with an industry leader in workers’ compensation prescription drug processing,” Cox said.
Third Party Solutions and DirectComp have more than 200 employees at their Memphis offices. All of the employees, including management, are expected to join Fiserv after the acquisition is completed.
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