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| TriZetto buys CareKey for $60m | Published by: Globes
www.globes.co.il
Globes correspondent
22/11/2005
| Boston-based CareKey was founded by Israelis Dr. Ido Schoenberg and Dr. Roy Schoenberg.
US-based healthcare payer service provider TriZetto Group Inc. (Nasdaq:TZIX) yesterday announced the signing of a definitive agreement to acquire privately held CareKey Inc.
Boston-based CareKey, which was founded by Israelis Dr. Ido Schoenberg and Dr. Roy Schoenberg, is a provider of advanced care management software.
Under the terms of the agreement, aggregate consideration includes $60 million in cash at closing. Additional contingent consideration of $40 million or more may be paid upon the achievement of certain future financial and other milestones.
Newport Beach-based TriZetto offers healthcare payers a broad portfolio of information technology products, including software, services and consulting. The two companies merged portfolio of information technology products and services will enable healthcare payers to reduce costs and improve healthcare while efficiently administering members' benefits.
TriZetto and CareKey have had a strategic relationship since December 2003. Since then, the companies' jointly developed product suite, CareAdvance Enterprise, has generated the greatest amount of new business contract bookings of any of TriZetto' s component software products. >p> The Schoenbergs will join TriZetto's team with Ido Schoenberg as chief strategic development officer and Roy Schoenberg as chief internet solutions officer. CareKey' s employees are expected to join TriZetto as well. The combined CareAdvance team will operate under the continuing leadership of TriZetto chief clinical officer Dr. Robert London.
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