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.
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
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.
|1.||Convicted killer Martin MacNeill survives jail suicide attempt|
|2.||Kragthorpe: Goalpost gets in way of RSL’s bid for MLS Cup (with video)|
|3.||MLS Cup: Real Salt Lake falls on PKs (with video)|
|4.||College football: Auburn, Missouri on guard in SEC title game|
|5.||49ers get another shot vs. Seahawks|
|6.||Guilt, pain, help and hope — when Mormon missionaries come home early|
|7.||Standout performances bring new life to Nutcracker|
|8.||Much of Utah experiencing winter storm conditions|
|9.||Terrifying Moab BASE jump crash captured by helmet cam|
|10.||‘Fit Mom’ Maria Kang, not yet over self, claims fatties are out to get her|