Cognosante expands health care work with BITS acquisition
Cognosante is buying Business Information Technology Solutions in a move that brings new contracts with the Veterans Affairs and Defense departments.
BITS will become a wholly-owned subsidiary and will continue to be led by founder and CEO Dan McQuay.
Terms of the deal were not disclosed, but Cognosante is financing it through a line of credit with Capital One and Bank of America Merrill Lynch.
BITS brings with a position on the VA’s Transformation Twenty-One Total Technology Next Generation, or T4NG contract. It was awarded earlier in 2016.
“This acquisition represents a critical component of our growth strategy,” says Michele Kang, founder and CEO of Cognosante. “Both companies were founded with the same passion and vision to think differently and bring true innovation to our large, complex public health programs.”
The addition of VA and Defense Department customers expands Cognosante’s base beyond its work with Medicare, Medicaid and insurance marketplaces, she said.
The company posted an infograhic describing the combination.
Posted by Nick Wakeman on Oct 27, 2016 at 11:57 AM