Transaction expected to close the third quarter
of 2024
Conduent Incorporated (Nasdaq: CNDT), a global technology-led
business solutions and services company, today announced an
agreement to sell its Casualty Claims Solutions business to
MedRisk, the nation’s largest managed care organization dedicated
to the physical rehabilitation of workers’ compensation
patients.
The sale, for $240 million in cash, subject to customary
adjustments, consists of Conduent’s workers’ compensation and auto
casualty bill review solutions and services that includes the
processing of medical bills and clinical services, and its
portfolio of Strataware bill review software products. In 2023, the
business, with approximately 100 clients across multiple markets,
processed approximately 29 million medical bills.
As part of this transaction, current Conduent employees in the
Casualty Claims Solutions business will join MedRisk. Conduent will
continue to provide mailroom services for current casualty claims
clients including MedRisk. The transaction is expected to close in
the third quarter of 2024, subject to the satisfaction of customary
closing conditions and regulatory approvals.
“This transaction is an additional example of the significant
progress we have made in our strategy to streamline our portfolio
while increasing our focus on core capabilities to fuel Conduent’s
growth,” said Cliff Skelton, Conduent President and CEO. “MedRisk
is well-established in the workers’ compensation industry, and we
are confident in a seamless transition for our associates and
clients.”
About Conduent
Conduent delivers digital business solutions and services
spanning the commercial, government and transportation spectrum –
creating valuable outcomes for its clients and the millions of
people who count on them. The Company leverages cloud computing,
artificial intelligence, machine learning, automation and advanced
analytics to deliver mission-critical solutions. Through a
dedicated global team of approximately 59,000 associates, process
expertise and advanced technologies, Conduent’s solutions and
services digitally transform its clients’ operations to enhance
customer experiences, improve performance, increase efficiencies
and reduce costs. Conduent adds momentum to its clients’ missions
in many ways including disbursing approximately $100 billion in
government payments annually, enabling 2.3 billion customer service
interactions annually, empowering millions of employees through HR
services every year and processing nearly 13 million tolling
transactions every day. Learn more at www.conduent.com.
About MedRisk
Based in King of Prussia, Pennsylvania, MedRisk is the nation’s
largest managed care organization dedicated to the physical
rehabilitation of workers’ compensation patients. For more
information, please visit www.medrisknet.com or call
800-225-9675.
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Trademarks
Conduent is a trademark of Conduent Incorporated in the United
States and/or other countries. Other names may be trademarks of
their respective owners.
Forward-Looking Statements
This press release may contain “forward-looking statements” as
defined in the Private Securities Litigation Reform Act of 1995.
The words “anticipate,” “believe,” “estimate,” “expect,” "plan,"
“intend,” “will,” “aim,” “should,” “could,” “forecast,” “target,”
“may,” "continue to," “endeavor,” "if,” “growing,” “projected,”
“potential,” “likely,” "see," "ahead," "further," "going forward,"
"on the horizon," and similar expressions (including the negative
and plural forms of such words and phrases), as they relate to us,
are intended to identify forward-looking statements, but the
absence of these words does not mean that a statement is not
forward-looking. All statements other than statements of historical
fact included in this press release are forward-looking statements,
including, but not limited to, all statements regarding the sale of
Conduent’s Casualty Claims Solutions business, including that such
transaction will be consummated and the timing of such
consummation, expectations regarding our strategy to streamline our
portfolio while increasing our focus on core capabilities to fuel
Conduent’s growth, expectations regarding continued efforts to be
strategic regarding the allocation of capital and any future
portfolio rationalization efforts, and our confidence in a seamless
transition for our associates and clients. These statements reflect
our current views with respect to future events and are subject to
certain risks, uncertainties and assumptions, many of which are
outside of our control, that could cause actual results to differ
materially from those expected or implied by such forward-looking
statements contained in this press release, any exhibits to this
press release and other public statements we make. Important
factors and uncertainties that could cause actual results to differ
materially from those in our forward-looking statements include,
but are not limited to: Conduent’s ability to realize the benefits
anticipated from the sale of its Casualty Claims Solutions
business, including as a result of a delay or failure to obtain
certain required regulatory approvals or the failure of any other
condition to the closing of the transaction such that the closing
of the transaction is delayed or does not occur; unexpected costs,
liabilities or delays in connection with the proposed transaction;
the significant transaction costs associated with the proposed
transaction; negative effects of the announcement, pendency or
consummation of the transaction on the market price of our common
stock or operating results, including as a result of changes in key
customer, supplier, employee or other business relationships; the
risk of litigation or regulatory actions; our inability to retain
and hire key personnel; the risk that certain contractual
restrictions contained in the definitive transaction agreement
during the pendency of the proposed transaction could adversely
affect our ability to pursue business opportunities or strategic
transactions; and other factors that are set forth in the “Risk
Factors” and other sections of our Annual Report on Form 10-K, as
well as in our Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K filed with or furnished to the Securities and Exchange
Commission. Any forward-looking statements made by us in this press
release speak only as of the date on which they are made. We are
under no obligation to, and expressly disclaim any obligation to,
update or alter our forward-looking statements, whether because of
new information, subsequent events or otherwise, except as required
by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240503304146/en/
Media: Sean Collins, Conduent, +1-310-497-9205,
Sean.Collins2@conduent.com
Investor Relations: Giles Goodburn, Conduent,
+1-203-216-3546, ir@conduent.com
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