TMG Health, a Subsidiary of Health Care Service Corporation, Has Been Acquired by Cognizant Technology Solutions
August 25, 2017
TMG Health (“the Company”), a leading national provider of technology-enabled business process solutions for government-sponsored health plans and a subsidiary of Health Care Service Corporation (“HCSC”), has been acquired by Cognizant Technology Solutions (NASDAQ: CTSH) (“Cognizant”). TMG Health will enter into a new, expanded multi-year service agreement with HCSC to continue providing information technology, business process and other services to HCSC’s various operating units and subsidiaries.
Cain Brothers served as HCSC’s exclusive financial advisor in connection with the transaction.
TMG Health’s nearly 20 years of experience in providing technology-enabled services to the government market via offices in Pennsylvania and Texas includes leading business process outsourcing solutions to the Medicare Advantage, Medicare Part D and Managed Medicaid markets across 32 client plans and more than 4.3 million members in all 50 states. The Company has been a subsidiary of HCSC since 2008.
HCSC is the country’s largest customer-owned health insurer and fourth largest health insurer overall, with nearly 15 million members in its Blue Cross and Blue Shield plans of Illinois, Montana, New Mexico, Oklahoma and Texas.
Headquartered in the U.S. and through its global workforce, Cognizant is a leading global professional services company and ranked 205 on the Fortune 500 and publicly trades on the Nasdaq stock exchange.