Affiliated Computer Services, Inc., announced an agreement to acquire CompIQ Corporation, a provider of workers' compensation claims review, re-pricing, and software solutions, for $22 million plus contingent payments based on future financial performance.. The acquisition is expected to close in May.
Utilizing its proprietary Web-based software, IQReview, CompIQ enables clients to save money and increase operating efficiency by re-pricing medical bills in accordance with usual and customary rates, state and hospital fee schedules, and preferred provider organization discounts.
"This acquisition demonstrates our commitment to helping our clients manage their insurance and healthcare costs by providing technology-enabled medical bill review and recovery services," says Tom Blodgett, group president of ACS Business Process Solutions. "The addition of CompIQ gives us capabilities we do not possess today and helps differentiate ACS as a leading provider of responsive, reliable and flexible solutions to the healthcare and insurance payer markets."
CompIQ's trailing twelve month revenue for the period ending March 31, 2008, was approximately $17 million. The business will be known as ACS CompIQ and will continue to be managed by CompIQ's existing executive team, adding approximately 130 employees to ACS operations.
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