Leidos makes its second tuck-in acquisition since the megadeal with Lockheed Martin's IT services unit and this time within the health group.
Leidos has made its second acquisition of the tuck-in variety since the company’s merger with the former Lockheed Martin IT services business three years ago.
Reston, Virginia-based Leidos said Wednesday it has acquired IMX Medical Management Services, a health care consulting company that provides independent medical evaluations and record reviews for state and local government agencies and other customers.
Terms of the transaction were undisclosed but Leidos said it will add nearly 200 IMX employees to the workforce. This deal comes slightly more than a year after Leidos acquired Arenea Solutions to gain a spot on the Army’s $34.5 billion “RS3” contract.
With the Lockheed IS&GS integration behind it, Leidos has started to recently indicate more interest in acquisitions but has signaled any deal would be significantly smaller than the one with Lockheed.
All four of Leidos' segment leads, including Health Group President Jonathan Scholl, gave a broad outline of what their groups could do with respect to possible M&A during the company's investor day in May.
Scholl said the health group's approach for M&A included "one-step" adjacent areas and operating services and platforms.
IMX will operate as a subsidiary of the QTC Management subsidiary that Leidos picked up as part of its combination with the Lockheed services segment. QTC provides independent medical exams and record reviews for federal health and other agencies.
By adding IMX, Leidos is expanding the coverage area of QTC and combining the latter’s exam workflow technology with access to case information, tracking and reporting tools.
IMX’s non-government customers include insurance carriers, employers, law firms and third-party administrators.
Leidos expects the deal to close in the third quarter of this calendar year.
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