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UnitedHealthcare Completes Acquisition of Fiserv's Health-Related Businesses
Minneapolis, Minnesota, and Brookfield, Wisconsin (Jan. 10, 2008) –
UnitedHealthcare, a UnitedHealth Group (NYSE: UNH) company, and Fiserv, Inc.
(NASDAQ: FISV) announced today that they have completed the sale of
substantially all of Fiserv’s health-related businesses to UnitedHealthcare. The
transaction includes Fiserv Health, a leading administrator of medical benefits,
Avidyn Health, a care facilitation business, and the Fiserv Health Specialty
Solutions businesses. Fiserv Health’s Pharmacy Benefits Management business (PBM)
Innoviant is also part of the transaction.
Ken Burdick, president and chief executive officer of UnitedHealthcare, said,
“Fiserv Health brings dedicated resources and strong management expertise in
serving customers seeking highly customized benefits packages. Their
capabilities strengthen our offerings and enhance our flexibility in this
important area of business.”
Jeffery Yabuki, president and chief executive officer of Fiserv, Inc., said,
“UnitedHealthcare was the right partner for these businesses and their
customers, and should provide enhanced opportunities for Fiserv Health
employees.”
About UnitedHealth Group
UnitedHealth Group (NYSE: UNH) is a Fortune 50 diversified health and well-being
company dedicated to making health care work better. Through its family of
businesses, UnitedHealth Group serves more than
70 million individuals nationwide. Visit www.unitedhealthgroup.com for more
information.
About UnitedHealthcare
UnitedHealthcare (www.unitedhealthcare.com) provides a full spectrum of
consumer-oriented health benefit plans and services. The company organizes
access to quality, affordable health care services on behalf of more than 26
million individual consumers, contracting directly with more than 550,000
physicians and care professionals and 4,800 hospitals nationwide to offer
consumers broad, convenient access to services nationwide. UnitedHealthcare is
one of the businesses of UnitedHealth Group.
About Fiserv, Inc.
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides information
management and electronic commerce systems and services to the financial and
insurance industries. Leading services include transaction processing,
outsourcing, electronic bill payment and presentment, investment management
solutions, business process outsourcing (BPO), software and systems solutions.
Headquartered in Brookfield, Wis., the company serves more than 21,000 clients
worldwide and is the leading provider of core processing solutions for U.S.
banks, credit unions and thrifts. Fiserv was ranked the largest provider of
information technology services to the financial services industry worldwide in
the 2004, 2005 and
2006 FinTech 100 surveys. In 2007, the company completed the acquisition of
CheckFree, a leading provider of electronic commerce services. Fiserv and
CheckFree had more than $4.5 billion in combined pro forma total revenue for
2006. For more information, please visit www.fiserv.com.
FISV-G
Forward-Looking Statements
This news release may contain statements, estimates, projections, guidance or
outlook that constitute “forward-looking” statements as defined under U.S.
federal securities laws. Generally the words “believe,” “expect,” “intend,”
“estimate,” “anticipate,” “plan,” “project,” “will” and similar expressions,
identify forward-looking statements, which generally are not historical in
nature. These statements may contain information about financial prospects,
economic conditions, trends and uncertainties. We caution that actual results
could differ materially from those that management expects, depending on the
outcome of certain factors. These forward-looking statements involve risks and
uncertainties that may cause UnitedHealth Group’s actual results to differ
materially from the results discussed in the forward-looking statements. Some
factors that could cause results to differ materially from the forward-looking
statements include: the potential consequences of the findings announced on
October 15, 2006 of the investigation by an Independent Committee of directors
of our historic stock option practices; the consequences of the restatement of
our previous financial statements, related governmental reviews, including a
formal investigation by the Securities and Exchange Commission, and review by
the Internal Revenue Service, U.S. Congressional committees, U.S. Attorney for
the Southern District of New York and Minnesota Attorney General, a related
review by the Special Litigation Committee of the Company, and related
shareholder derivative actions, shareholder demands and purported securities and
Employee Retirement Income Security Act class actions, the resolution of matters
currently subject to an injunction issued by the United States District Court
for the District of Minnesota, a purported notice of acceleration with respect
to certain of the Company’s debt securities based upon an alleged event of
default under the indenture governing such securities, and recent management and
director changes, and the potential impact of each of these matters on our
business, credit ratings and debt; increases in health care costs that are
higher than we anticipated in establishing our premium rates, including
increased consumption of or costs of medical services; heightened competition as
a result of new entrants into our market, and consolidation of health care
companies and suppliers; events that may negatively affect our contract with
AARP; uncertainties regarding changes in Medicare, including coordination of
information systems and accuracy of certain assumptions; funding risks with
respect to revenues received from Medicare and Medicaid programs; failure to
achieve business growth targets, including membership and enrollment; increases
in costs and other liabilities associated with increased litigation, legislative
activity and government regulation and review of our industry; our ability to
execute contracts on competitive terms with physicians, hospitals and other
service providers; regulatory and other risks associated with the pharmacy
benefits management industry; failure to maintain effective and efficient
information systems, which could result in the loss of existing customers,
difficulties in attracting new customers, difficulties in determining medical
costs estimates and appropriate pricing, customer and physician and health care
provider disputes, regulatory violations, increases in operating costs, or other
adverse consequences; possible impairment of the value of our intangible assets
if future results do not adequately support goodwill and intangible assets
recorded for businesses that we acquire; potential noncompliance by our business
associates with patient privacy data; misappropriation of our proprietary
technology; failure to complete or receive anticipated benefits of acquisitions;
and change in debt to total capital ratio that is lower or higher than we
anticipated.
This list of important factors is not intended to be exhaustive. A further list
and description of some of these risks and uncertainties can be found in our
reports filed with the Securities and Exchange Commission from time to time,
including annual reports on Form 10-K, quarterly reports on Form 10-Q and
current reports on Form 8-K. Any or all forward-looking statements we make may
turn out to be wrong. You should not place undue reliance on forward-looking
statements, which speak only as of the date they are made. Except to the extent
otherwise required by federal securities laws, we do not undertake to publicly
update or revise any forward-looking statements. |
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