Xerox To Buy Privately Held ISG Holdings For $225 Mln - Quick Facts

(RTTNews) - Document technology and business process services provider Xerox Corp. (XRX) Tuesday announced a definitive agreement to acquire privately held ISG Holdings, Inc. for $225 million. The deal is expected to create a comprehensive workers' compensation suite of offerings for clients in the property and casualty insurance industry.

Xerox said it would add ISG subsidiaries of StrataCare and Bunch CareSolutions and their offerings to its portfolio in addition to its current workers' compensation business offered through CompIQ.

Once the acquisition is complete, the brands will go to market as StrataCare, A Xerox Company and Bunch CareSolutions, A Xerox Company. The operations of StrataCare and Bunch CareSolutions and its 700 employees will continue to be led by Paul Glover, ISG's chairman and CEO, who will report to Connie Harvey, chief operating officer of Xerox's commercial healthcare and insurance business.

The company noted that ISG's secure and compliant SaaS (Software as a Service) cloud delivery platform, care management services and analytics blended with Xerox's transactional expertise will allow clients to benefit from a true end-to-end solution.

Bob Zapfel, president, Xerox Services, said, "The workers' compensation industry generates $60 billion in medical payments each year - that equates to approximately 75 million bills in need of financial validation. This acquisition demonstrates our commitment to the property and casualty sector and makes us an industry leader in workers' compensation bill review software and care management services."