WebMD of Elmwood Park, NJ, has entered into an agreement to acquire ViPS, a privately held provider of information technology decision-support products, and consulting services to government, Blue Cross Blue Shield, and commercial healthcare payors.
Baltimore-based ViPS was founded in 1979 as Viable Information Processing Systems to create software to process claims for Medicare. In recent years, the firm has developed products for systems support, claims processing, provider performance measurement, quality improvement, fraud prevention, disease management, and predictive modeling, WebMD said. WebMD is the parent company of RIS developer WebMD Practice Services of Van Nuys, CA.
For the year ended December 31, 2003, unaudited results for ViPS included revenues of approximately $59 million, and earnings before interest, taxes, depreciation and amortization of approximately $17 million, according to WebMD.
The purchase price for the acquisition is $160 million, including certain assumed liabilities, and will be paid in cash. The deal is expected to close within 30 days, the company said.
By AuntMinnie.com staff writersJuly 13, 2004
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