Utah's MediConnect to be sold for $348M to Verisk Analytics
MediConnect Global Inc., a home-grown Utah company that provides medical records-retrieval, scanning and storage services, is about to be sold to New Jersey-based Verisk Analytics Inc. for $348.6 million.
The deal is expected to close by the end of the month.
Verisk, whose shares are listed on the Nasdaq stock market under the symbol VRSK, primarily provides data analysis, risk assessment and actuarial services to property and casualty insurance companies. More recently, though, it has been expanding and offering its services to the healthcare industry.
"We're are really excited to join forces with Verisk," MediConnect's CEO Amy Rees Anderson said. "This merger will provide our customers with some amazing analytical tools."
MediConnect has a repository of nearly 10 million medical records that are digitized, indexed and securely hosted online. It counts among its clients four of the five leading health insurers in the country.
Anderson, who has directed MediConnect since 2004, said she will continue to lead the company under Verisk's ownership. "MediConnect will remain here in Salt Lake City and continue to grow."
The company employs as many as 1,000 people worldwide.
A look at both companies
What does it do? • Provides data analysis, risk assessment and actuarial services to insurance companies.
Headquarters • Jersey City, N.J.
Annual revenue • $1.3 billion
Employees • Approximately 5,200
What does it do? • Provides medical records-retrieval, scanning and storage services.
Headquarters • Salt Lake City
Annual revenue • $58 million
Employees • Approximately 1,000