Bridium Acquires Fair, Isaac Connectivity Business Unit; Acquisition Provides Bridium Significant Customers.Business Editors/High-Tech Writers ATLANTA--(BUSINESS WIRE)--Dec. 6, 2002 Bridium, a software provider of solutions to the insurance industry, announced today that it has acquired the workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. Connectivity Business Unit of Fair, Isaac and Company, Incorporated. The transaction brings Bridium numerous new customers and enables Bridium to provide a complete offering covering all aspects of workers' compensation claims administration. The acquisition gives Bridium the full workers' compensation electronic reporting to augment aug·ment v. aug·ment·ed, aug·ment·ing, aug·ments v.tr. 1. To make (something already developed or well under way) greater, as in size, extent, or quantity: its current technology offerings. The solutions of the Fair, Isaac Connectivity Unit already are in use with numerous insurers, managed care organizations, third party administrators, states, and employers. "The acquisition of the Connectivity Unit provides Bridium with a critical mass of customers and recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. revenue," said Bridium CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Steve Isaac. "Our new customers will continue to enjoy high quality reliable services while benefiting from the added functionality and services of Bridium's Web-based technology." By combining the two operations, Bridium now covers all aspects of workers' compensation claims and medical administration for all jurisdictions in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Bridium will integrate the former Fair, Isaac Connectivity products into Bridium's Web-based technology for expanded functionality while supporting and enhancing the current acquired technologies. Bridium now will provide one point of service for workers' compensation claims information processing information processing: see data processing. information processing Acquisition, recording, organization, retrieval, display, and dissemination of information. Today the term usually refers to computer-based operations. , taking claim information from healthcare providers, employers, carriers, TPAs and Managed Care Organizations while meeting all state reporting requirements. The information is then filed with the appropriate state government department, either electronically or by paper, as required. Through this acquisition Bridium's sister company, FiWare, is able to provide online payment disbursement DISBURSEMENT. Literally, to take money out of a purse. Figuratively, to pay out money; to expend money; and sometimes it signifies to advance money. 2. as part of the services offered to the Connectivity Unit customers. FiWare provides comprehensive, secure solutions that make corporate payment management easier and more efficient. "Bridium's acquisition of the Connectivity Unit not only provides Bridium with a significant number of new customers, it also brings FiWare in contact with prospects that are ideal candidates for FiWare's solutions to improve insurance payment disbursements," said FiWare CEO Ashish Bahl. "This is a great transaction for both companies, as it brings long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. cross sell prospects, and immediate recurring revenue from existing customer relationships." Bridium already has integrated the technology into its data centers in Atlanta and Huntsville, Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. . The agreement includes all software, customer contracts and several Fair, Isaac employees. About Bridium Bridium is a software provider developing custom services and proprietary solutions for the insurance industry. For more than a decade, it has helped clients save hundreds of thousands of dollars by improving efficiency through automating work flow processes, web-enabling and integrating disparate legacy systems, and accessing and integrating with third party information sources. |
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion