Company is Major Provider of Workers' Compensation Prescription Services
Brookfield, Wisconsin, December 4, 2003-Fiserv, Inc. (Nasdaq: FISV) has
agreed to acquire MedPay Corporation, a major provider of workers'
compensation prescription services, in a move that further expands its Fiserv
Health business. No financial details are being released pending the closing of
the transaction. Fiserv expects to close the acquisition in early 2004.
MedPay, based in Memphis, Tennessee, is the parent of Third Party
Solutions, Inc. and DirectComp RX, Inc. Third Party Solutions is among the
nation's largest providers of workers' compensation prescription processing
services. DirectComp helps employers and insurers to lower the costs for their
workers' compensation prescription programs.
Leslie M. Muma, Fiserv President and Chief Executive Officer, said the
acquisition of MedPay represents an opportunity to expand the fast-growing
Fiserv Health group. Fiserv Health offers a variety of technology and business
process outsourcing services related to health care transaction processing.
"We will continue to look for more ways to build this very important business,"
Muma said. "We see the entire health care transaction processing industry as
an area of growth opportunity for Fiserv."
James Cox, President of Fiserv Health, said MedPay offers Fiserv the
ability to expand into workers' compensation prescription services. "This is a very exciting opportunity for Fiserv Health to join with an
industry leader in workers' compensation prescription drug processing," Cox
Third Party Solutions and DirectComp have more than 200 employees at their
Memphis offices. All of the employees, including management, are expected
to join Fiserv after the acquisition is completed. Kemmons Wilson Companies,
whose namesake was the founder of Holiday Inns, now owns the majority of
J.R. Thompson, President of Third Party Solutions, said the sale
enables MedPay to join an organization that is focused on the health care
transaction processing industry.
"Third Party Solutions and DirectComp will be part of a company
with technological expertise and a significant commitment to our industry,"
Thompson said. "We believe these companies now will have an opportunity to
achieve even stronger growth and provide more valuable service to our
Fiserv, Inc. (Nasdaq: FISV) provides industry leading information management
systems and services to the financial industry, including transaction
processing, outsourcing, business process outsourcing and software and
systems solutions. The company serves more than 14,000 clients worldwide,
including banks, broker-dealers, credit unions, financial planners/investment
advisers, insurance companies and agents, self-insured employers, lenders
and savings institutions. Headquartered in Brookfield, Wisconsin, Fiserv
reported $2.3 billion in processing and services revenues for 2002. Fiserv can
be found on the Internet at www.fiserv.com.