June 25, 2018 Source: Healthcare Global 154
Verscend Technologies recently announced that it has acquired Cotiviti Holdings for $4.9Billion in an all-cash transaction. A portfolio company of Veritas Capital, Verscend Technology is a leading player in data services analytics in healthcare solutions and Covitit Holding is a leading provider of analytics-driven payment accuracy and network value solutions. With the latest acquisition, the company is planning to assume all outstanding debt of Cotiviti and the shareholders will receive $44.75 in cash per share. The $4.9billion deal entitled a 32% premium to Cotiviti’s unaffected share price and a 136% premium to the IPO price.
The new business with unique data-driven capabilities will work as a private healthcare IT company with a big impact in the health sector by reducing waste and improving quality outcomes and affordability as well as offering opportunities to create substantial value for clients.
Emad Rizk, M.D., President and CEO of Verscend said “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.”
We will together offer our clients a complete, unified end-to-end output to address the estimated $900bn in healthcare waste, abuse and low-value care.
“Together, Verscend and Cotiviti will offer our clients a comprehensive, integrated end-to-end solution to address the estimated $900bn in healthcare waste and abuse across the claims payment and care continuum."By Ddu
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