FALLS CHURCH, Va. , June 3 /PRNewswire-FirstCall/ -- General Dynamics
Information Technology, a business unit of General Dynamics (NYSE: GD), today
entered into a definitive agreement to acquire ViPS, Inc., a wholly-owned
subsidiary of HLTH Corporation (Nasdaq: HLTH), for approximately
The transaction, which has been approved by the boards of directors at General Dynamics and at HLTH, is subject to normal regulatory approvals and is expected to close in 2008. ViPS will become part of the General Dynamics Information Technology business unit.
Headquartered in Towson, Md. , ViPS is a leading provider of high-end healthcare technology solutions, including data management, analytics, decision support, and process automation that support both federal agencies and commercial healthcare organizations. ViPS is a key services provider in supporting CMS and private payers' efforts to reduce healthcare costs and claims fraud, increase customer satisfaction and improve patient outcomes. The company has extensive credentials in application development and integration, including information assurance and security. ViPS has approximately 600 employees.
"ViPS is an outstanding company that provides complementary capabilities and an expanded customer base in a high-growth market segment for General Dynamics Information Technology," said Dan Johnson , president of General Dynamics Information Technology. "ViPS has significant skills in application integration and information assurance, as well as an exceptional reputation within the Department of Health and Human Services, and specifically the Centers for Medicare and Medicaid Services, as a provider of secure applications that create lasting value for its customers."
Art Lehrer , president and CEO of ViPS said, "ViPS is known as a best-in-class provider of advanced analytic solutions to US government health agencies and commercial health payers. The opportunity to join a market leader like General Dynamics Information Technology will allow us to build upon our market-leading suite of solutions, apply additional resources and expanded capabilities to our customers and provide our loyal employees with unparalleled growth opportunities."
About General Dynamics Information Technology
As a trusted systems integrator for more than 50 years, General Dynamics Information Technology provides information technology (IT), systems engineering and professional services to customers in the defense, intelligence, homeland security, federal civilian government, and commercial sectors. With 15,000 professionals worldwide, the company manages large-scale, mission-critical IT programs delivering IT services and enterprise solutions. More information about General Dynamics Information Technology is available at http://www.gdit.com.
General Dynamics, headquartered in Falls Church, Va. , employs
approximately 84,000 people worldwide and reported 2007 revenues of
Certain statements made in this press release, including any statements as to future results of operations and financial projections, may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are based on management's expectations, estimates, projections and assumptions. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors. Additional information regarding these factors is contained in the companies' filings with the Securities and Exchange Commission, including, without limitation, their Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.