NU Online News Service, April 15, 2003, 5:32 p.m. EDT – Fiserv Inc., Brookfield, Wis., today moved to expand its benefits administration business by agreeing to acquire Wausau Benefits Inc., Wausau, Wis.
Fiserv is not releasing the price or other terms, but it says it hopes to complete the deal by April 30.
Wausau Benefits started out as a division of Wausau Insurance. Managers turned it into a stand-alone company by organizing a buyout in 2000.
The company now generates $120 million in annual processing and services revenue, Fiserv says.
Wausau Benefits has about 1,100 employees and operations in Tampa, Fla., and Des Moines, Iowa, as well as Wausau.
Fiserv is best known for selling data services and business services to financial services companies. But the Wausau Benefits deal is the fifth benefits administration acquisition that Fiserv has announced in the past two years. Fiserv has renamed its Fiserv Health unit the Fiserv Health Solutions Group in an effort to emphasize the growing importance of benefits administration to its operations.
James Cox, the president of the Fiserv Health unit, will be president of Fiserv Health Solutions Group.
Fiserv can now handle pharmacy benefits management, claims repricing, utilization review and case management as well as basic health plan management, the company says.