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Verisk Analytics Announces Sale Of Healthcare Services Business For $820 Million

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Verisk Analytics, Inc. (NASDAQ: VRSK), a data analytics provider to clients in insurance, natural resources, healthcare, financial services and other sectors, announced after Monday's market close it has entered into an agreement to sell its healthcare services business, Verisk Health, for $820 million.

Verisk Health is a healthcare delivery and payment system and provides data services, analytics and advanced technologies to more than 350 clients across the U.S. The unit was sold to an affiliate of Veritas Capital and is expected to close by June 30.

"We are pleased to announce this transaction, which both represents value creation for our shareholders and will allow us to focus on businesses more closely aligned with our strategy, distinctives, and global ambitions. We are glad to have found strong ownership for our healthcare services business. The sale will enhance our focus on proprietary data analytics in our key vertical markets," said Scott Stephenson, chairman, president, and CEO of Verisk Analytics.

"Every private and public enterprise in healthcare is under pressure to improve performance and lower costs," said Ramzi Musallam, Managing Partner at Veritas Capital. "Verisk Health's sophisticated data services, analytics, and technologies are increasingly critical tools to help achieve those goals. We look forward to partnering with the talented Verisk Health team and applying our capital and deep experience to help the business grow and meet this rapidly expanding demand."

Verisk Analytics' stock showed no trades early Tuesday morning, but have gained nearly 8 percent over the past year.

Posted-In: Analytics healthcare Ramzi Musallam Scott Stephenson Verisk HealthNews Asset Sales

 

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