Conduent To Sell Casualty Claims Solutions Business To MedRisk In $240 Mln Cash Deal

(RTTNews) - Conduent Inc. (CNDT), a technology-led business solutions and services company, announced an agreement to sell its Casualty Claims Solutions business to managed care organization MedRisk for $240 million in cash.

In pre-market activity on the Nasdaq, Conduent shares were gaining around 7.4 percent to trade at $3.95.

The purchase price, subject to customary adjustments, consists of Conduent's workers' compensation and auto casualty bill review solutions and services. It includes the processing of medical bills and clinical services, and its portfolio of Strataware bill review software products.

The sale is expected to close in the third quarter of 2024, subject to the satisfaction of customary closing conditions and regulatory approvals.

In 2023, the business, with approximately 100 clients across multiple markets, processed about 29 million medical bills.

As part of the deal, current Conduent employees in the Casualty Claims Solutions business will join MedRisk. Conduent will continue to provide mailroom services for current casualty claims clients including MedRisk.