HNC Software Acquires Select Assets of Indemni-Med LLC
SAN DIEGO--May 13, 2002--HNC Software Inc., a leading provider of high-end analytics and decision management software, today announced the acquisition of select assets of Indemni-Med Management LLC, a workers' compensation and automobile insurance medical cost containment company.
The asset acquisition will expand the volume of HNC's bill review business driven through HNC's leading bill review software, and can enable HNC to expand revenues by providing additional bill review services to Indemni-Med's customer base.
"This asset acquisition will expand HNC's customer base and operating leverage," said Sean Downs, group vice president, Insurance Transaction Processing Group of HNC Software. "As a result, HNC will be able to provide our bill review products to former Indemni-Med customers."
Previously, Indemni-Med was a client of HNC Software, using the company's medical bill review software for their workers' compensation and auto business.
HNC's advanced scientific software products process more than $4.4 billion annually in property and casualty claims costs. They are in use in the operations of nine of the top 10 property and casualty carriers and 65 percent of the nation's state workers' compensation funds.
About HNC Software Inc.
HNC Software Inc. is a leading provider of high-end analytic and decision management applications and tools that enable global companies to manage customer interactions by converting data and business experiences into real-time recommendations. HNC's proven software empowers Global 2000 companies in the financial services, insurance, telecommunications, healthcare, and other industries and governments to make millions of the right mission-critical customer decisions, and take action in real time, substantially improving financial performance, reducing costs and decreasing risk. For more information, visit www.hnc.com.
About Indemni-Med Management LLC
Established in 1997, Indemni-Med is a workers' compensation/occupational injury management company that provides telephonic bill review and insurance case management in 41 states for more than 400,000 employees, providing quality disability management to injured workers to produce the best return to work outcome possible. For more information, visit www.indemnimed.com.
Cautions About Forward-Looking Statements
This press release contains forward-looking statements about events and circumstances that have not yet occurred. For example, words such as "will," "expects," "believes" or other statements in the future tense are forward-looking statements. Actual outcomes and results may significantly differ from expectations in this press release due to a number of risks and uncertainties about the future. Such risks and uncertainties include, without limitation, whether HNC's products and services will reduce or prevent fraudulent transactions and improve customers' operating results.