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Data analytics provider Verisk Analytics Inc., Jersey City, New Jersey, on Tuesday disclosed that private equity firm Veritas Capital Fund Management L.L.C. is purchasing its health care services business.
The $820 million deal, expected to close by June 30, involves Verisk Health, which is based in Waltham, Massachusetts and has 350 clients.
“Every private and public enterprise in health care is under pressure to improve performance and lower costs,” Ramzi Musallam, managing partner at Jersey City, New Jersey-based New York-based 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,” Mr. Musallam added.
Scott Stephenson, Verisk Analytics chairman, president and CEO, said in a statement that the transaction will create value for shareholders and allow it to focus on businesses more “closely aligned” with its “global ambitions.”
Verisk Analytics said Thursday that it has named Bill Churney president of its AIR Worldwide business.