TriZetto and Apax Partners Close Merger
August 04 2008 - 1:40PM
Business Wire
The TriZetto Group, Inc. (NASDAQ: TZIX) and Apax Partners announced
today the closing of the merger pursuant to which funds advised by
Apax Partners, together with minority investors BlueCross
BlueShield of Tennessee and The Regence Group, acquired all of
TriZetto�s common stock for $22 cash per share. Payment
instructions will be mailed or delivered electronically to
stockholders and convertible note holders. Common stock holders
with questions may contact Computershare Trust Company, N.A. at
800-962-4284 or 303-262-0600. Convertible note holders with
questions may contact Wells Fargo Bank at 213-614-2588. The merger
agreement was first announced on April 11, 2008. �I am proud of the
outstanding work by many people at TriZetto and at Apax who
completed this transaction so quickly while minimizing distractions
to our customers,� said Jeff Margolis, who continues as Chairman
and CEO of the TriZetto Group. �TriZetto remains singularly focused
on developing high-return software and services for payers and
their constituents in the healthcare supply chain. We look forward
to more strongly partnering with our customers, while leveraging
Apax�s resources and international reach to further accelerate our
solutions development and growth.� Buddy Gumina, partner and head
of U.S. healthcare at Apax Partners who joins a new Board of
Directors at TriZetto, added, �Apax shares Jeff�s vision for
Integrated Healthcare Management, which holds so much promise to
improve our healthcare system, and we are excited to add TriZetto
to our portfolio of industry leading companies.� Added Margolis,
�It is clear from the broad discussion on Capitol Hill that
healthcare reform in coming years will include significant
investments in information technology. TriZetto and its 350 payer
customers are well positioned to help enable and accelerate many of
these transformative technology solutions that can optimize
benefits and care for healthcare consumers.� About Apax Partners
Apax Partners is one of the world�s leading private equity
investment groups. It operates across the United States, Europe and
Asia and has more than 30 years of investing experience. Funds
under the advice of Apax Partners total $40 billion around the
world. These Funds provide long-term equity financing to build and
strengthen world-class companies. Apax Partners Funds invest in
companies across its global sectors of Tech & Telecom, Retail
& Consumer, Media, Healthcare and Financial & Business
Services. Significant recent investments by funds advised by the
Apax Partners Healthcare and Tech & Telecom teams include:
General Healthcare Group, Capio, Apollo Hospitals, Qualitest
Pharmaceuticals, Spectrum Laboratories, Weather Investments, SMART
Technologies and TDC. For more information visit: www.apax.com.
About TriZetto TriZetto is Powering Integrated Healthcare
Management�. With its technology touching nearly half of the U.S.
insured population, TriZetto is uniquely positioned to drive the
convergence of health benefit administration, care management and
constituent engagement. The company provides premier information
technology solutions that enable payers and other constituents in
the healthcare supply chain to improve the coordination of benefits
and care for healthcare consumers. Healthcare payers include
national and regional health insurance plans and benefits
administrators that provide transaction services to self-insured
employer groups. The company�s payer-focused information technology
offerings include enterprise and component software, hosting and
business process outsourcing services and consulting. Headquartered
in Newport Beach, Calif., TriZetto can be reached at 949-719-2200
or at www.trizetto.com. Important Notice Regarding Forward-Looking
Statements This press release contains forward-looking statements
that involve risks and uncertainties. The forward-looking
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements may include statements about future
revenue, profits, cash flows and financial results, the market for
TriZetto's services, future service offerings, change of control,
industry trends, client and partner relationships, TriZetto's
operational capabilities, future financial structure, uses of cash,
anticipated dilution or accretion of acquisitions or proposed
transactions. Actual results may differ materially from those
stated in any forward-looking statements based on a number of
factors, including the ability of TriZetto to successfully
integrate the businesses of TriZetto and its acquisitions or
partners; the contributions of acquisitions to TriZetto�s operating
results; the effectiveness of TriZetto's implementation of its
business plan, the market's acceptance of TriZetto's new and
existing products and services, the timing of new bookings, risks
associated with management of growth, reliance on third parties to
supply key components of TriZetto's services, attraction and
retention of employees, variability of quarterly operating results,
competitive factors, other risks associated with acquisitions,
changes in demand for third party products or solutions which form
the basis of TriZetto's service and product offerings, financial
stability of TriZetto�s customers, the ability of TriZetto to meet
its contractual obligations to customers, including service level
and disaster recovery commitments, changes in government laws and
regulations; risks associated with rapidly changing technology; as
well as the other risks identified in TriZetto's SEC filings,
including, but not limited to, its annual report on Form 10-K and
quarterly reports on Form 10-Q, copies of which may be obtained by
contacting TriZetto�s Investor Relations department at 949-719-2225
or at TriZetto�s web site at www.trizetto.com. All information in
this release is as of August 4, 2008. TriZetto undertakes no duty
to update any forward-looking statement to conform the statement to
actual results or changes in the company�s expectations.
Trizetto Grp. (MM) (NASDAQ:TZIX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Trizetto Grp. (MM) (NASDAQ:TZIX)
Historical Stock Chart
From Jul 2023 to Jul 2024