This excerpt taken from the UNH 8-K filed Dec 19, 2006.
INGENIX TO ACQUIRE ENS AND COMPLETES ACQUISITION OF CLAREDI
Combination to Create Next Generation of Connectivity to Improve Claims Accuracy and Efficiency
MINNEAPOLIS (May 25, 2006) - Ingenix, a leading health information company, announced today that it has agreed in principle to acquire NWH, Inc. (NWH), the parent company of health care payer services organization Electronic Network Systems, Inc. (ENS), and has completed the acquisition of Claredi Corporation (Claredi), a leading provider of e-commerce software solutions, implementation and consulting services to the health care industry.
Pursuant to the definitive merger agreement, Ingenix would acquire all of the outstanding shares of NWH for a cash price of $18.24 per share, or approximately $54 million. The transaction, which is subject to NWH stockholder approval and other customary closing conditions, is expected to close during the third quarter of 2006. Terms of the Claredi transaction were not disclosed.
This announcement is good news for the entire health care industry, said Richard Anderson, chief executive officer of Ingenix. We intend to create the next generation of connectivity by combining ENS and Claredi assets and resources with Ingenix capabilities in coding, claims editing, revenue cycle management and health care transaction management. This combination will facilitate the creation of intelligent electronic connectivity tools for use by physicians, hospitals and payers in an open network. Our focus will be to enhance the health care systems affordability and usability by providing real-time Internet connections among the participants in health care. This will increase efficiency, help physicians get quicker payment of claims and assist payers in reducing the amount of rework and rejected claims.
The combination will enhance the use of connectivity and interoperability technology across the health care industry:
Terrence S. Cassidy, founder and chief executive officer of NWH, said, Ingenix provides us with an outstanding opportunity to grow our business and to improve the value we bring our customers. We will now have access to sufficient capital and a wide array of industry-leading technology to construct the next-generation Health Care Exchange.
Dr. Kepa Zubeldia, president and chief technology officer of Claredi, said, Like Claredi, Ingenix has demonstrated a clear, long-term commitment to improving interoperability in the health care system. We are excited about joining their organization. We now have an opportunity to realize our vision on an even broader scale to the benefit of the health care industry.