NEW YORK, Oct. 8, 2020 /PRNewswire/ -- Churchill Capital
Corp III ("Churchill III") (NYSE: CCXX), a public investment
vehicle, and the parent of MultiPlan, Inc. ("MultiPlan"), a leading
value-added provider of data analytics and technology-enabled
end-to-end cost management solutions to the U.S. healthcare
industry, today announced the completion of their business
combination. The business combination will enable MultiPlan to
embark on its next phase of growth while continuing its mission to
make healthcare in the U.S. affordable, accessible, efficient and
fair. It is anticipated that the combined company's New York Stock
Exchange ticker symbol will be changed to "MPLN" beginning on
October 9, 2020.
With the completion of this business combination, MultiPlan is
well positioned to execute on its growth strategy, which aims to
significantly grow the company's total addressable market from
approximately $8 billion to up to
$50 billion organically and through
M&A. The "MultiPlan 3.0" strategy aims to drive growth by
improving existing products and commercial capabilities, scaling
offerings to adjacent customer segments, and adding new product
offerings through acquisitions and investments in new
technologies.
"Today marks an important milestone in MultiPlan's mission to
empower customers to achieve affordability and efficiency in
healthcare," said Mark Tabak,
Chairman & CEO of MultiPlan. "As a public company, we remain
focused on continuing to deliver excellence to our customers,
maintaining our leadership position in healthcare technology and
building upon our demonstrated track record of delivering the
highest quality services. With the added expertise of Churchill and
our experienced management team, we are well-positioned to
accelerate the execution of MultiPlan's growth strategy and remain
a growth-focused public company."
Michael S. Klein, Director at
MultiPlan and former Chairman and CEO of Churchill, said, "We are
excited to complete this transaction and bring MultiPlan to the
public markets, and we look forward to continuing to build a leader
in tech-enabled value-added processing that is helping make
healthcare more affordable." Klein added, "MultiPlan is on the
right side of healthcare, allowing more people to get more and
better healthcare for less money. The company is a market leading
business with a track record of delivering high quality service to
payors and outstanding returns to investors. We are already
executing on our clear and aggressive growth plan, and our entire
team is eager to support MultiPlan in its next phase of growth as a
public company."
Allen Thorpe, Lead Director at
MultiPlan and Partner at Hellman & Friedman, said, "We are
thrilled to continue supporting the company in its public phase,
and to work with Churchill and its operating partners to build on
MultiPlan's 40-year track record. We are very enthusiastic about
what lies ahead for MultiPlan and we are proud to remain a core
investor in the company."
MultiPlan will be led by an experienced management team
consisting of Chairman and CEO, Mark
Tabak; CFO, David Redmond;
President, Payor Markets, Dale A.
White; President, New Markets, Paul
S. Galant, and CIO Michael Kim.
About MultiPlan
MultiPlan is committed to helping
healthcare payors manage the cost of care, improve their
competitiveness and inspire positive change. Leveraging
sophisticated technology, data analytics, and a team rich with
industry experience, MultiPlan interprets clients' needs and
customizes innovative solutions that combine its payment integrity,
network-based and analytics-based services. MultiPlan is a trusted
partner to over 700 healthcare payors in the commercial health,
dental, government and property and casualty markets. For more
information, visit multiplan.com.
About Churchill Capital Corp III
Churchill Capital
Corp III is a public investment vehicle formed for the purpose of
effecting a merger, acquisition, or similar business combination.
Churchill III was founded by a group of leading current and former
business and financial leaders. Churchill III raised $1.1 billion of cash proceeds in an initial
public offering in February 2020. The
first public equity investment company by Churchill III's sponsor,
Churchill Capital Corp, led by Jerre
Stead, merged with Clarivate Analytics, a leading provider
of comprehensive intellectual property and scientific information,
analytical tools, and services in May
2019. Churchill Capital Corp II and Churchill Capital Corp
IV are actively pursuing initial business combination targets in
any business or industry.
This press release includes "forward looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. Terms such as
"anticipate," "believe," "will," "continue," "could," "estimate,"
"expect," "intend," "may," "might," "plan," "possible,"
"potential," "predict," "should," "would," or similar expressions
may identify forward-looking statements, but the absence of these
words does not mean the statement is not forward-looking. Such
forward looking statements, including those related to our ability
to execute our strategic plan and reduce our net debt, are based on
current expectations that are subject to known and unknown risks
and uncertainties. Investors are encouraged to review the other
risks and uncertainties indicated in the definitive proxy statement
filed in connection with the business combination, including those
under "Risk Factors" therein, and other documents filed or to be
filed with the Securities and Exchange Commission by MultiPlan.
Investors are cautioned not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
MultiPlan undertakes no commitment to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise. The forward-looking statements in this
press release speak as of the date of this press release. Although
MultiPlan may from time to time voluntarily update its prior
forward-looking statements, it disclaims any commitment to do so
whether as a result of new information, future events, changes in
assumptions or otherwise except as required by applicable
securities laws.
Media Contacts
Churchill Capital Corp III:
Steven Lipin or Felipe Ucros at Gladstone Place Partners
212-230-5930
MultiPlan: Pamela Walker
781-895-3118
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SOURCE Churchill Capital Corp III
