Dallas-based Claimsnet completes acquisition of Acceptius

by PegNews wire

DALLAS — Claimsnet.com, a leading provider of electronic transaction services to the Healthcare industry, announced today that it has acquired substantially all the assets of Acceptius, Inc., also located in Dallas. The asset purchase agreement was signed on February 20, 2008.

Pursuant to the asset purchase agreement, Claimsnet paid Acceptius the sum of $25,000 in cash and issued 1,700,000 restricted shares of Claimsnet's common stock, par value $0.01 per share. Claimsnet will pay Acceptius an additional $5,000 within the next six months.

Claimsnet anticipates that the transaction will add approximately 35% to their revenue by adding paper conversion and claims repricing to Claimsnet's transaction processing suite of services for the healthcare industry. Claimsnet also anticipates that the acquisition will extend the company's claims processing capabilities allowing a more complete service offering and continuing increase of the company's client base.

"We believe this is a major step forward for our company and that the synergies from this acquisition will boost the prospects of both the top line sales and the bottom line operating profit of our business. We expect that we will continue to scale that growth, both by organic expansion of our client base and further pursuit of strategic acquisition opportunities," said Don Crosbie, chief executive officer of Claimsnet.

Source: Claimsnet