Tuesday, April 29, 2008

Dallas-based ACS to acquire CompIQ Corporation

By Pegasus News wire

DALLAS — Affiliated Computer Services, Inc. today announced an agreement to acquire CompIQ Corporation, an Irvine, California-based provider of workers' compensation claims review, re-pricing and software solutions for $22 million, plus contingent payments based on future financial performance.

Photo not provided by ACS

First CompIQ, next... the world?

The transaction will be funded with a combination of cash on hand and borrowings under ACS' existing credit facility. The acquisition is expected to close in May 2008, subject to customary conditions.

CompIQ is a national provider of medical bill review and cost-containment services for the workers' compensation, group health and liability insurance industries.

"This acquisition demonstrates our commitment to helping our clients manage their insurance and healthcare costs by providing technology-enabled medical bill review and recovery services," said Tom Blodgett, group president of ACS Business Process Solutions. "The addition of CompIQ gives us capabilities we do not possess today and helps differentiate ACS as a leading provider of responsive, reliable and flexible solutions to the healthcare and insurance payer markets."

"The combination of ACS and CompIQ increases our ability to penetrate the bill review market," said Art Zeiner, Jr., founder and chief executive officer of CompIQ. "ACS will be able to leverage our industry expertise to provide end-to-end audit, bill review and recovery services, and we will be able to cross sell the full suite of ACS services to our existing clients. We look forward to helping ACS meet its long-term growth objectives, not only by providing state-of-the-art administrative services, but also by enabling our clients to manage their overall healthcare, insurance and operating costs."

Source: ACS

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