04.08.2008 17:40:00
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TriZetto and Apax Partners Close Merger
The TriZetto Group, Inc. (NASDAQ: TZIX) and Apax Partners announced
today the closing of the merger pursuant to which funds advised by Apax
Partners, together with minority investors BlueCross BlueShield of
Tennessee and The Regence Group, acquired all of TriZetto’s
common stock for $22 cash per share. Payment instructions will be mailed
or delivered electronically to stockholders and convertible note
holders. Common stock holders with questions may contact Computershare
Trust Company, N.A. at 800-962-4284 or 303-262-0600. Convertible note
holders with questions may contact Wells Fargo Bank at 213-614-2588. The
merger agreement was first announced on April 11, 2008.
"I am proud of the outstanding work by many
people at TriZetto and at Apax who completed this transaction so quickly
while minimizing distractions to our customers,”
said Jeff Margolis, who continues as Chairman and CEO of the TriZetto
Group. "TriZetto remains singularly focused on
developing high-return software and services for payers and their
constituents in the healthcare supply chain. We look forward to more
strongly partnering with our customers, while leveraging Apax’s
resources and international reach to further accelerate our solutions
development and growth."
Buddy Gumina, partner and head of U.S. healthcare at Apax Partners who
joins a new Board of Directors at TriZetto, added, "Apax
shares Jeff’s vision for Integrated Healthcare
Management, which holds so much promise to improve our healthcare
system, and we are excited to add TriZetto to our portfolio of industry
leading companies.”
Added Margolis, "It is clear from the broad
discussion on Capitol Hill that healthcare reform in coming years will
include significant investments in information technology. TriZetto and
its 350 payer customers are well positioned to help enable and
accelerate many of these transformative technology solutions that can
optimize benefits and care for healthcare consumers.” About Apax Partners
Apax Partners is one of the world’s leading
private equity investment groups. It operates across the United States,
Europe and Asia and has more than 30 years of investing experience.
Funds under the advice of Apax Partners total $40 billion around the
world. These Funds provide long-term equity financing to build and
strengthen world-class companies. Apax Partners Funds invest in
companies across its global sectors of Tech & Telecom, Retail &
Consumer, Media, Healthcare and Financial & Business Services.
Significant recent investments by funds advised by the Apax Partners
Healthcare and Tech & Telecom teams include: General Healthcare Group,
Capio, Apollo Hospitals, Qualitest Pharmaceuticals, Spectrum
Laboratories, Weather Investments, SMART Technologies and TDC. For more
information visit: www.apax.com.
About TriZetto
TriZetto is Powering Integrated Healthcare Management™.
With its technology touching nearly half of the U.S. insured population,
TriZetto is uniquely positioned to drive the convergence of health
benefit administration, care management and constituent engagement. The
company provides premier information technology solutions that enable
payers and other constituents in the healthcare supply chain to improve
the coordination of benefits and care for healthcare consumers.
Healthcare payers include national and regional health insurance plans
and benefits administrators that provide transaction services to
self-insured employer groups. The company’s
payer-focused information technology offerings include enterprise and
component software, hosting and business process outsourcing services
and consulting. Headquartered in Newport Beach, Calif., TriZetto can be
reached at 949-719-2200 or at www.trizetto.com.
Important Notice Regarding
Forward-Looking Statements
This press release contains forward-looking statements that involve
risks and uncertainties. The forward-looking statements are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements may
include statements about future revenue, profits, cash flows and
financial results, the market for TriZetto's services, future service
offerings, change of control, industry trends, client and partner
relationships, TriZetto's operational capabilities, future financial
structure, uses of cash, anticipated dilution or accretion of
acquisitions or proposed transactions. Actual results may differ
materially from those stated in any forward-looking statements based on
a number of factors, including the ability of TriZetto to successfully
integrate the businesses of TriZetto and its acquisitions or partners;
the contributions of acquisitions to TriZetto’s
operating results; the effectiveness of TriZetto's implementation of its
business plan, the market's acceptance of TriZetto's new and existing
products and services, the timing of new bookings, risks associated with
management of growth, reliance on third parties to supply key components
of TriZetto's services, attraction and retention of employees,
variability of quarterly operating results, competitive factors, other
risks associated with acquisitions, changes in demand for third party
products or solutions which form the basis of TriZetto's service and
product offerings, financial stability of TriZetto’s
customers, the ability of TriZetto to meet its contractual obligations
to customers, including service level and disaster recovery commitments,
changes in government laws and regulations; risks associated with
rapidly changing technology; as well as the other risks identified in
TriZetto's SEC filings, including, but not limited to, its annual report
on Form 10-K and quarterly reports on Form 10-Q, copies of which may be
obtained by contacting TriZetto’s Investor
Relations department at 949-719-2225 or at TriZetto’s
web site at www.trizetto.com. All
information in this release is as of August 4, 2008. TriZetto undertakes
no duty to update any forward-looking statement to conform the statement
to actual results or changes in the company’s
expectations.
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