|April 11, 2008|
BlueCross Participates in TriZetto Acquisition
CHATTANOOGA, Tenn. — BlueCross BlueShield of Tennessee today announced its participation to enter into a definitive agreement with Apax Partners and Regence to acquire and take private TriZetto, the nation’s largest provider of IT-based administrative solutions to the health care payer market.|
BlueCross will own a minority stake of the company as part of an investment group that includes a leading global private equity firm, Apax Partners, which will be the majority owner. Regence, an affiliation of BlueCross and BlueShield plans in the Pacific Northwest, will also own a minority interest. Terms of the transaction, expected to close in four to six months, were not disclosed.
“TriZetto is an important partner in leading the way toward fundamental industry improvements that can serve customers, members and providers, and our ownership interest only deepens this strategic relationship that we believe will help us transform health care. TriZetto’s commitment to innovation, particularly Integrated Healthcare Management, assures our ability to meet our members’ needs now and in the future,” said BlueCross President and CEO Vicky Gregg.
BlueCross has served as a development partner and demonstration site for many of TriZetto’s leading products. Through its long-standing customer relationship with TriZetto, BlueCross BlueShield of Tennessee has worked with the company to enhance its capabilities related to claims processing, real-time claims adjudication and care coordination, all of which produce meaningful benefits for members, network providers and other key constituents.
TriZetto provides premier information technology solutions that enable payers and other constituents in the healthcare supply chain to improve the coordination of benefits and care for healthcare. TriZetto customers serve more than 140 million health plan members, or more than half of the insured population in the U.S.
On this transaction, BlueCross BlueShield of Tennessee and Regence were advised by Cain Brothers and Company, LLC.
About BlueCross BlueCross BlueShield of Tennessee is the state’s oldest and largest not-for-profit health plan, serving nearly 3 million Tennesseans. Founded in 1945, the Chattanooga-based company is focused on financing affordable health care coverage and providing peace of mind for all Tennesseans. BlueCross serves its members by delivering quality health care products, services and information. BlueCross BlueShield of Tennessee, Inc. is an independent licensee of the BlueCross BlueShield Association. For more information, please visit www.bcbst.com.
About Regence Regence is the largest health insurer in the Northwest/Intermountain Region, serving nearly three million members as Regence BlueShield of Idaho, Regence BlueCross BlueShield of Oregon, Regence BlueCross BlueShield of Utah and Regence BlueShield (in Washington). Each plan is a not-for-profit independent licensee of the Blue Cross and Blue Shield Association. Regence is committed to improving the health of our members and our communities, and to transforming our health care system. For more information, please visit www.regence.com.
About Apax Partners Apax Partners is one of the world’s leading private equity investment firms. It operates across the United States, Europe, Israel and Asia and has more than 30 years of investing experience. Funds under the advice of Apax Partners total $35 billion around the world. These Funds provide long-term equity financing to build and strengthen world-class companies. Apax Partners Funds invest in companies across its global sectors of Healthcare, Tech & Telecom, Retail & Consumer, Media, and Financial & Business Services. For more information, please visit: www.apax.com.
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