ATLANTA & WALTHAM, Mass.--(BUSINESS WIRE)--Cotiviti Holdings, Inc. (NYSE:COTV), a leading provider of payment accuracy and analytics-driven solutions focused primarily on the healthcare industry, and Verscend Technologies, Inc., a portfolio company of Veritas Capital and a leader in data-driven healthcare solutions, announced today that Cotiviti’s shareholders voted to approve the proposed merger of Cotiviti with a subsidiary of Verscend at a special meeting of Cotiviti’s shareholders held August 24, 2018.
Approximately 99% of the votes cast at the meeting voted to approve the merger, representing approximately 90% of the outstanding shares of Cotiviti common stock entitled to vote on the merger. The final results will be available in a current report on Form 8-K, which Cotiviti expects to file with the Securities and Exchange Commission within four business days.
Subject to the satisfaction of other customary closing conditions, Cotiviti, Verscend and Veritas expect the merger to close on August 27, 2018, or as soon as practicable thereafter. Upon closing of the merger, Cotiviti’s shareholders will be entitled to receive $44.75 in cash per share of Cotiviti common stock (without interest and subject to any applicable withholding taxes or other amounts required to be withheld therefrom under applicable law), and Verscend will assume all of Cotiviti’s outstanding debt, resulting in an enterprise value of approximately $4.9 billion.
The combined business will operate as a private healthcare information technology company with unique, data-driven capabilities. Together, the companies are expected to have greater impact in the healthcare IT market by increasing affordability, reducing waste and improving outcomes and quality, as well as offering new opportunities to create substantial value for clients, including complementary solutions across multiple intervention points in the payment process.
About Cotiviti
Cotiviti is a leading provider of payment accuracy and analytics-driven solutions that helps payers, other risk-bearing healthcare organizations and retailers achieve their business objectives. Through a combination of analytics, technology and deep industry expertise, Cotiviti’s solutions create insights that unlock value from the complex interactions between clients and their stakeholders. Cotiviti serves a majority of the top 25 U.S. healthcare payers and a majority of the top 10 U.S. retailers. Cotiviti’s passion for creating unique client value drives Cotiviti’s focus – Analytics. Insight. Value.
About Verscend Technologies, Inc.
Verscend drives better healthcare outcomes through data analytics, supporting payers' financial performance and quality improvement initiatives. Verscend’s Payment Accuracy, Risk Adjustment, and Quality and Performance solutions help organizations utilize their data so they can efficiently and cost-effectively succeed in the new era of healthcare. Learn more at www.verscend.com.
About Veritas Capital
Veritas is a leading private equity firm that invests in companies that provide critical products and services, primarily technology and technology-enabled solutions, to government and commercial customers worldwide, including those operating in the aerospace & defense, healthcare, technology, national security, communications, energy, and education industries. Veritas seeks to create value by strategically transforming the companies in which it invests through organic and inorganic means. For more information on Veritas Capital and its current and past investments, visit www.veritascapital.com.
