The New York Stock Exchange-listed Perot Systems on Thursday said it has reached an agreement to acquire the Chennai-based healthcare claims processing company Vision for an aggregate value of $10 million.
The aggregate value includes $3 million in cash at closing and an additional $7 million if certain performance targets are met by 2006, Perot Systems said in a release.
Vision Healthsource India Pvt Ltd and Vision Healthsource Inc have primary delivery operations in India and handle more than $1 billion healthcare provider claims per year for physicians and hospital-based physician specialities across the United States, it said.
After the acquisition, about 500 employees of Vision would become a part of the Perot Systems' healthcare group, it said.
"This acquisition would result in an expansion of Perot Systems' healthcare business process outsourcing capabilities and further position us as a market leader in this space," Chuck Lyles, vice president, Perot Systems, said.
"Combining Vision with Perot Systems will add value to our current customers and would expand the payer side of our service line offerings," Anurag Jain, CEO, Vision said.
The revenues for Vision for the 12 months ended December 2002 stood at approximately $2.4 million, it added.
