ACS purchase of Heritage is done
- By Roseanne Gerin
- Jul 12, 2004
Affiliated Computer Services Inc. has completed its acquisition of Heritage Information Systems Inc. for $23 million plus contingent payments based on future financial performance, the company said today.
Based in Richmond, Va., Heritage is a privately held company that provides clinical management and pharmacy cost containment solutions to 14 state Medicaid programs, more than a dozen national commercial insurers and Blue Cross Blue Shield licensees, and some of the nation's largest employer groups.
The company uses its own Web-enabled software applications to translate patient-specific medical and drug claims data.
Heritage posted revenue of around $14 million for the 12 months ended March 2004, according to ACS. But according to an Experian Information Solutions Inc. credit report file established in March, the company has actual annual sales of $7.5 million.
ACS of Dallas provides business process outsourcing and information technology solutions to government and commercial health care organizations. It employs approximately 40,000 people and had revenue of $3.8 billion for the fiscal year ended June 30, 2003. The company is No. 38 on Washington Technology's 2004 Top 100 list of federal prime contractors.