Integrated Healthcare Technology and Operations Leader
15, 2014 /PRNewswire/ (NASDAQ: CTSH), a global leader in information technology, consulting and business process services, today announced that it has entered into a definitive agreement to acquire TriZetto Corporation for $2.7 billion in cash, subject to customary adjustments. Based in Englewood, CO, privately held TriZetto is a leading provider of healthcare IT software and solutions.
Healthcare is undergoing structural shifts due to reform, cost pressure and shifting responsibilities between payers and providers. This creates a significant growth opportunity, which TriZetto will help us capture, said Francisco D Souza, CEO of Cognizant. We are excited that the integrated portfolio of capabilities across technology and operations will uniquely position us to help clients drive higher levels of operational efficiency, while re imagining care for the future. health plans and four of the top five pharmacy benefit management companies. Healthcare currently represents approximately 26 percent of Cognizant s revenue. every day, said Jude Dieterman, President and COO of TriZetto. Our agreement with Cognizant advances our vision of simplifying healthcare for everyone. We believe the combination of Cognizant and TriZetto s talented employees and innovative technology and operations will have a meaningful impact on the way health is managepatagonia discount shoes3d and care is delivered.
Cognizant and TriZetto have had a long term relationship, having jointly served a number of healthcare clients to date, said Gordon Coburn, President of Cognizant. This acquisition is a natural fit for us. It represents a great opportunity to integrate services across our three horizons IT services; high growth businesses such as management consulting, business process servicpatagonia discount shoeses and IT infrastructure services; and emerging delivery models provide even greater value to our clients.
The transaction is expected to be immediately accretive to Cognizant s non GAAP EPS, excluding one time transaction costs and adjustments, said Karen McLoughlin, CFO of Cognizant. That earnings benefit is expected to increase over time as we realize significant revenue synergy potential from the combination of these businesses.
Cognizant intends to finance the transaction through a combination of cash on hand and debt, and has secured $1 billion opatagonia gen 3 pcu soft shell for salef committed financing in support of the transaction. The transaction is expected to close in the fourth quarter of 2014. The purchase agreement provides for customary closing conditions and purchase price adjustments including, without limitation, adjustments for items such as cash, indebtedness and working capital.
Cognizant was advised by Credit Suisse, UBS Securities LLC and Centervipatagonia pelage jacket big girlsew Partners. Legal counsel to Cognizant was provided by Latham Watkins LLP and Nishith Desai Associates. cheap sports patagonia venturaTriZetto was advised by JP Morgan Securities LLC and Goldman, Sachs Co. Legal counsel to TriZetto was provided by Kirkland Ellis LLP. (Eastern) to discuss the transaction. To listen to the copatagonia discount shoes0nference call, please dial (877) 810 9510 (domestic) and (201) 493 6778 or (412) 902 0170 (international) and provide the following conference passcode: Cognizant Call. Please go to the website at least 15 minutes prior to the call to register and to download and install any necessary audio software. (Eastern) on Tuesday, September 30, 2014.
About TriZettoTriZetto Corporation provides world class information technology and service solutions that help payerspatagonia discount shoes1 and providers work more efficiently and collaborate to deliver better health. Working with more than 350 health plans, TriZetto solutions reach nearly 245,000 care providers. TriZetto helps healthcare organizations enhance administrative efficiency; improve the cost, quality and delivery of care; address compliance; and compete to win in an emerging retail market. Payer solutions include benefits administration, care management, network manpatagonia argentina quickagement and portal platforms, as well as consulting, application management and business management services. Provider solutions include real time eligibpatagonia discount shoes2ility assurance, claims editing, revenue cycle management technology and services that help providers get paid quickly and accurately.
TriZetto is currently owned by Funds advised by Apax Partners, together with minority investors BlueCross BlueShield of Tennessee and Cambia Health Solutions.
About Cognizant s Healthcare and Life Sciences PracticeCognizant s Healthcare andpatagonia discount code tenement Life Sciences practice is committed to helping change millions of lives for the better by partnering with clients to build solutions to healthcare challenges, continually improve the way they do business, set the pace in clinical development, strengthen their regulatory infrastructure, and increase competitiveness.
About Cognizanpatagonia everlong review enderstCognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business process outsourcing servpatagonia everlong review kenmoreices, dedicated to helping the world s leading companies build stronger businesses. With over 75 development and delivery centers worldwide and approximately 187,400 employees as of Jupatagonia everlong review unitedne 30, 2014, Cognizant is a member of the NASDAQ 100,patagonia everlong review xmen the S 500, the Forbes Global 2000, and the Fortune 500 and is ranked among the top performing and fastest growing companies in the world.
Forward Looking StatementsThis press release includes statements which may constitute forward looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including with respect to the consummation of and financing for the acquisition of TriZetto, the timing of the closing, the transaction being accretive to Cognizant s non GAAP EPS, which excludes stock based compensation costs, acquisition related charges and net non operating foreign currency exchange gains or losses and with respect to potential revenue synergies, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions, the risk that we may not be able to consummate or obtain the expected financing for the transaction with TriZetto, the risk that we will not successfully integrate TriZetto into our business, the risk that we will not achieve the expected benefits of the acquisition of TriZetto and the factors discussed in our most recent Quarterly Report on Form 10 Q and other filings with the Securities and Exchange Commission. Cognizant undertakes no obligation to update or revise any forward looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.
