Conduent Announces Agreement to Sell its Midas Suite of Solutions to symplr
Transaction expected to close in the first quarter of 2022
Companies to focus on seamless transition for clients and associates
The sale, for
“As part of our strategy to streamline our portfolio, we consider divestitures of select businesses in order to enhance shareholder and client value,” said
While Midas is a key partner to healthcare providers, it operates largely independent of Conduent’s other healthcare offerings. Conduent’s core offerings will continue to include a range of solutions for the healthcare industry that enhance member experiences, elevate claims automation, and optimize key business operations to drive process and cost efficiencies across the healthcare ecosystem. These solutions include patient engagement, care management and claims processing. Conduent’s offering set will continue to include community health solutions such as
For more than 30 years, symplr has been committed to improving healthcare operations through its software-as-a-service (“SaaS”) based solutions, driving better operations for better outcomes. Midas strengthens symplr’s comprehensive healthcare operations solutions, especially in the areas of risk management and compliance, which help enterprise customers to efficiently navigate the unique complexities of integrating critical business operations systems in healthcare.
“The addition of the Midas Suite of Solutions to symplr’s current best-in-class compliance, quality, and safety offerings will bolster our ability to improve patient safety and outcomes by efficiently measuring and managing risk, quality, and compliance,” said BJ Schaknowski, CEO of symplr. “We’re excited to further enhance our customers’ ability to achieve truly connected, integrated, enterprise-wide operational efficiencies in ways that no single point solution can achieve.”
About
Conduent’s differentiated services and solutions improve experiences for millions of people every day, including three out of every four
About symplr
symplr’s comprehensive healthcare operations cloud-based software solutions, anchored in governance, risk management, and compliance, enable the symplr enterprise customers to efficiently navigate the unique complexities of integrating critical business operations in healthcare. For over 30 years, symplr’s customers have trusted symplr’s expertise and depended on their provider data management, workforce and talent management, contract management, spend management, access management, and compliance, quality, and safety software solutions to help drive better operations for better outcomes. Learn how at www.symplr.com.
About
About
Based in
Conduent Forward-Looking Statements
This release and any attachments to this 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," "if,” “growing,” “projected,” “potential,” “likely,” and similar expressions, 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, statements regarding our expectations that the transaction is expected to close in the first quarter of 2022; our belief that this is a mutually beneficial transaction which will allow us to advance our capital allocation priorities; that Conduent’s core offerings will continue to include a range of solutions for the healthcare industry that enhance member experiences, elevate claims automation, and optimize key business operations to drive process and cost efficiencies across the healthcare ecosystem, and that Conduent’s offering set will continue to include community health solutions such as
In accordance with the provisions of the Litigation Reform Act, we are making investors aware that such forward-looking statements, because they relate to future events, are by their very nature subject to many important factors and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements contained in this press release, any exhibits to this press release and other public statements we make. Our actual results may vary materially from those expressed or implied in our forward-looking statements. These forward-looking statements are also subject to the significant continuing impact of the COVID-19 pandemic on our business, operations, financial results and financial condition, which is dependent on developments which are highly uncertain and cannot be predicted.
Important factors and uncertainties that could cause our actual results to differ materially from those in our forward-looking statements include, but are not limited to: the significant continuing effects of the ongoing COVID-19 pandemic on our business, operations, financial results and financial condition, which is dependent on developments which are highly uncertain and cannot be predicted; government appropriations and termination rights contained in our government contracts; our ability to renew commercial and government contracts, including contracts awarded through competitive bidding processes; our ability to recover capital and other investments in connection with our contracts; our reliance on third-party providers; our ability to deliver on our contractual obligations properly and on time; changes in interest in outsourced business process services; risk and impact of geopolitical events, natural disasters and other factors (such as pandemics, including coronavirus) in a particular country or region on our workforce, customers and vendors; claims of infringement of third-party intellectual property rights; our ability to estimate the scope of work or the costs of performance in our contracts; the loss of key senior management and our ability to attract and retain necessary technical personnel and qualified subcontractors; increases in the cost of telephone and data services or significant interruptions in such services; our failure to develop new service offerings and protect our intellectual property rights; our ability to modernize our information technology infrastructure and consolidate data centers; the failure to comply with laws relating to individually identifiable information and personal health information; the failure to comply with laws relating to processing certain financial transactions, including payment card transactions and debit or credit card transactions; breaches of our information systems or security systems or any service interruptions; our ability to comply with data security standards; changes in tax and other laws and regulations; risk and impact of potential goodwill and other asset impairments; our significant indebtedness; our ability to obtain adequate pricing for our services and to improve our cost structure; our ability to collect our receivables, including those for unbilled services; a decline in revenues from, or a loss of, or a reduction in business from or failure of significant clients; fluctuations in our non-recurring revenue; our failure to maintain a satisfactory credit rating; our ability to receive dividends or other payments from our subsidiaries; developments in various contingent liabilities that are not reflected on our balance sheet, including those arising as a result of being involved in a variety of claims, lawsuits, investigations and proceedings; conditions abroad, including local economics, political environments, fluctuating foreign currencies and shifting regulatory schemes; changes in government regulation and economic, strategic, political and social conditions; changes in the volatility of our stock price and the risk of litigation following a decline in the price of our stock; the impact of the ongoing COVID-19 pandemic; and other factors that are set forth in the “Risk Factors” section, the “Legal Proceedings” section, the “Management's Discussion and Analysis of Financial Condition and Results of Operations” section and other sections in our 2020 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
For
Media Contact:
Sean.Collins2@conduent.com
+1-310-497-9205
Investor Relations Contact:
giles.goodburn@conduent.com
+1-203-216-3546
For symplr / Clearlake:
845-507-0571
jhurson@lambert.com
For Charlesbank:
617-619-5457
mturner@charlesbank.com
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Source: Conduent Business Services, LLC