Perot to acquire Vision Healthsource India

By siliconindia   |   Friday, 11 July 2003, 19:30 IST
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PLANO: Perot Systems Corporation (NYSE: PER) announced that it has reached an agreement to acquire Vision Healthsource India Private Limited and Vision Healthsource, Inc., a provider of billing and claims solutions for healthcare service providers in the United States. Perot Systems agreed to acquire Vision for an aggregate value up to US$10 million - US$3 million in cash at closing and an additional US$7 million if certain performance targets are met through 2006. Headquartered in Chennai, India, Vision was founded in 1997 and pioneered outsourced offshore transaction processing for the U.S. healthcare industry. Today the company has primary delivery operations in India and senior market facing personnel in the United States. It is one of the largest U.S./India remote healthcare claims processing companies. With a client base of more than 25 U.S.-based healthcare billing companies, Vision handles more than US$1 billion in healthcare provider claims per year for physicians and hospital-based and physician specialties across the United States. The company’s ISO-9001 certified claims processing centers and call centers in Chennai process more than 25 million transactions and 670,000 phone calls per year. Vision’s approximately 500 employees will become a part of Perot Systems’ healthcare group, the company’s largest industry group. "This acquisition will result in an expansion of Perot Systems’ Healthcare business process outsourcing capabilities and further position us as a market leader in this space," said Chuck Lyles, Perot Systems vice president and Healthcare group leader. "We continue to demonstrate our commitment to serve customers by building our capabilities through both acquisition and technology investments." Vision founder and CEO Anurag Jain added, "Vision was looking for someone with cultural compatibility and similar values, who could help us extend our capabilities and market reach. We have known Perot Systems for more than one year and are confident that this is a strong fit. Combining Vision with the Perot Systems family will add value for our current customers and will expand the payer side of our service line offerings. This is a landmark deal for our company and for India. It validates the global services delivery model." "Leveraging our complementary customer bases and strong reputations in the healthcare industry will allow us to offer existing and new customers the best value-proposition possible,’’ added Lyles. "It is crucial in today’s competitive landscape to have on-shore, off-shore and near-shore capabilities. With the addition of Vision to our team, we have a global processing model that supports our provider and payer transformation strategies."

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