Intrado to Divest Claims Recovery Business
November 21 2019 - 9:00AM
Intrado Corporation (“Intrado” or the “Company”), a global leader
in technology-enabled services, today announced it has entered into
a definitive agreement with HMS Holdings Corp. (Nasdaq: HMSY), an
industry-leading provider of cost containment solutions in the
healthcare marketplace, for the sale of Intrado’s Claims Recovery
business for the purchase price of $155 million. Net proceeds from
the sale will be used for general corporate purposes.
Intrado’s Claims Recovery business, known in the market as
Accent, is a leading provider of healthcare payment integrity
solutions to insurance companies and large self-funded
organizations.
“After further strategic review, we have decided to sell the
Accent business to allow greater focus on our core cloud
businesses,” said John Shlonsky, President and Chief Executive
Officer of Intrado. “HMS’ focus on healthcare technology aligns
closely with Accent and the combination of the businesses should
enable Accent to reach its full potential. We are excited for the
Accent business and team of professionals to be able to expand
their capabilities within the world class HMS organization going
forward.”
Claims Recovery is reported as part of the Health & Wellness
segment. The transaction is expected to close within the next
couple of months, subject to regulatory approvals and other
customary closing conditions.
About Intrado
Intrado Corporation is an innovative, cloud-based, global
technology partner to clients around the world. Our solutions
connect people and organizations at the right time and in the right
ways, making those mission-critical connections more relevant,
engaging, and actionable - turning Information to Insight.
Intrado has sales and/or operations in the United States,
Canada, Europe, the Middle East, Asia Pacific, Latin America and
South America. Intrado is controlled by affiliates of certain funds
managed by Apollo Global Management, Inc. (NYSE: APO). For more
information, please call 1-800-841-9000 or visit
www.intrado.com.
Forward-Looking Statements
This press release contains forward-looking statements, within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements can be generally identified by the
use of words such as “may,” “should,” “expects,” “plans,”
“anticipates,” “believes,” “estimates,” “predicts,” “intends,”
“continue” or similar terminology. These statements reflect only
Intrado’s current expectations and are not guarantees of future
performance or results. These statements are subject to various
risks and uncertainties that could cause actual results to differ
materially from those contained in the forward-looking statements.
These risks and uncertainties include, but are not limited to,
Intrado’s ability to complete this divestiture, competition in
Intrado’s highly competitive markets; increases in the cost of
voice and data services or significant interruptions in these
services; Intrado’s ability to keep pace with its clients’ needs
for rapid technological change and systems availability; the
continued deployment and adoption of emerging technologies; the
loss, financial difficulties or bankruptcy of any key clients;
security and privacy breaches of the systems Intrado uses to
protect personal data; the effects of global economic trends on the
businesses of Intrado’s clients; the non-exclusive nature of
Intrado’s client contracts and the absence of revenue commitments;
the cost of pending and future litigation; the cost of defending
against intellectual property infringement claims; the effects of
extensive regulation affecting many of Intrado’s businesses;
Intrado’s ability to protect its proprietary information or
technology; service interruptions to Intrado’s data and operation
centers; Intrado’s ability to retain key personnel and attract a
sufficient number of qualified employees; increases in labor costs
and turnover rates; the political, economic and other conditions in
the countries where Intrado operates; changes in foreign exchange
rates; Intrado’s ability to complete future acquisitions, integrate
or achieve the objectives of its recent and future acquisitions;
and future impairments of our substantial goodwill, intangible
assets, or other long-lived assets. In addition, Intrado is subject
to risks related to its level of indebtedness. Such risks include
Intrado’s ability to generate sufficient cash to service its
indebtedness and fund its other liquidity needs; Intrado’s ability
to comply with covenants contained in its debt instruments;
Intrado’s ability to obtain additional financing; the incurrence of
significant additional indebtedness by Intrado and its
subsidiaries; and the ability of Intrado’s lenders to fulfill their
lending commitments. Intrado is also subject to other risk factors
described in its annual report for the year ended December 31,
2018.
These forward-looking statements speak only as of the date on
which the statements were made. Intrado undertakes no obligation to
update or revise publicly any forward-looking statements, whether
as a result of new information, future events or otherwise, except
to the extent required by applicable law.
Contact
Dave Pleiss
Investor and Public Relations
DMPleiss@intrado.com
402.716.6578
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