Perspecta Announces Merger with TalisPoint
18 Sep 2023
AcquisitionExecutive Change
The Perspecta and TalisPoint merger expands the Company's reach into the workers' compensation industry, enhances technological capabilities, and positions the Company for strong growth
PHILADELPHIA, Pa., Sept. 18, 2023 /PRNewswire/ -- Perspecta, a leading provider of physician directories and provider data management solutions in workers' compensation, government and commercial healthcare, today announced it has merged with TalisPoint, a San Francisco-based provider of workers' compensation directory and data management solutions as well as other workers' compensation and property & casualty insurance and medical data validation services. Talis was formerly a subsidiary of Medcor, which provides leading employer health services related to onsite clinics, telehealth, and employer safety programs. This merger creates an industry leader and strengthens the combined company's position across the group health, property & casualty and workers' compensation markets. The merger will benefit clients through enhanced technological offerings and investments, complementary domain and product expertise, and world-class customer service.
For the past 25 years, TalisPoint has been driving innovation in the property & casualty industry. The company's solutions help ensure compliance, streamline network management, and drive cost containment. TalisPoint empowers insurance carriers, third party administrators and employers to utilize provider data with confidence through its proprietary validation services.
Perspecta, the leader in provider data management solutions, brings deep commercial healthcare expertise and a robust technology platform that has allowed the Company to scale significantly with leading blue-chip payers. Perspecta's solutions are primarily focused on driving similar benefits as TalisPoint. Perspecta solutions ensure enhanced consumer and beneficiary experiences and improved cost containment and payer network management, while providing rich analytic solutions.
"We are truly excited to be bringing these organizations together," said Howard Koenig, President and CEO at Perspecta. "Adding TalisPoint's deep workers' compensation expertise and cutting-edge service offerings to our existing capabilities will provide both firms' clients with a full suite of service offerings. We are truly building a world-class team that will continue to drive innovation to enhance our clients' experience."
As part of the merger, Howard Koenig, CEO of Perspecta, will lead the combined organization. Monique Barkett, who is a co-founder and CEO of TalisPoint, will now serve as President of the Workers' Compensation and Property & Casualty Division. While April Stiles, a co-founder of Perspecta and its Chief Operating Officer, will now be President of the Group Health and Government Divisions.
"Speaking for the entire TalisPoint team, we are excited about bringing together two strong industry players that have complimentary client offerings," Barkett said. "Combining the strengths of both companies really positions us to take advantage of the many growth opportunities in the market today while providing our clients with best-in-class services."
"The benefits of the combination of both firms are more than just technology platform based," Stiles said. "The cultures of both firms are extremely compatible and will make for a stronger and more successful organization moving forward that can serve our clients with the highest standards."
The TalisPoint and Perspecta merger comes on the heels of Perspecta's investor, 5th Century Partners, announcing the appointment of executive industry veteran, Will Smith as Operating Partner. In February 2023, 5th Century Partners acquired Perspecta to help accelerate the company's growth strategy and provide access to capital. DLA Piper served as legal counsel to Perspecta, and CIBC Innovation Banking provided debt financing to support the transaction. Terms of the transaction were not disclosed.
About Perspecta
Perspecta is the leader in provider data management solutions designed to optimize the business of healthcare. With a portfolio powered by industry leading technologies, Perspecta is reimagining provider data management. Through deep domain expertise and spirit of innovation, Perspecta accelerates the transformation of provider network management, delivering value to customers and the providers, consumers and partners they serve. Perspecta's provider data management solutions create a better user experience and significant return on investment for health plans, workers' compensation and provider organizations. With the industry's highest accuracy rating of more than 95%, Perspecta is the leading choice for provider network data & directory management. Learn more at www.goperspecta.com.
About TalisPoint
TalisPoint, a San Francisco-based company founded in 1998 is a technology services platform firm that is a provider of data and network management solutions for the workers' compensation, and property and casualty markets. Its solutions primarily target insurance companies, insurance plans and third-party administrators. The Company's services are primarily meant to help payors maintain compliance with provider network regulations and requirements and cost containment, in addition to creating a better patient / user experience for those seeking accurate healthcare and provider information. www.talispoint.com
About 5th Century Partners
5th Century Partners is a purpose-driven private investment firm that invests in middle-market companies within healthcare, consumer and business services that are committed to driving economic value and social impact. The firm provides capital, operating expertise and strategic relationships that lead to sustainable growth, which in turn allows partner companies to realize their full potential and deliver positive outcomes to their stakeholders. Learn more at www.5cpartners.com.
About Medcor
Medcor simplifies the healthcare process for employers. We provide onsite and mobile clinics, injury and illness triage, telemedicine, and safety services so employees get the right care, at the right time, in the right place. Our 24/7 availability allows early intervention; our use of evidence-based medicine is the foundation and platform to deliver our prevention and treatment services. Founded in 1984, Medcor's clients include companies of all size in the public and private sectors serving a broad range of markets and industries throughout the United States and Canada. Learn more at www.medcor.com
SOURCE Perspecta
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