Ingenix, the Eden Prairie, Minn.-based information technology subsidiary of health insurer UnitedHealth Group, has signed a definitive agreement to acquire Picis Inc., which sells clinical and financial information systems for high-acuity areas of hospitals. Terms of the acquisition, expected to close in the third quarter, were not disclosed.
Wakefield, Mass.-based Picis' systems cover emergency, surgical and intensive care departments, with installs in 1,900 sites in 19 nations. Ingenix is best known for its coding and revenue cycle management software, claims clearinghouse services and data analytics technologies, but also sells ambulatory practice management and electronic health records systems.
Combining the companies will give Picis access to additional resources, including analytics expertise, according to the companies. The acquisition will extend Ingenix's reach into the clinical arena and provide new cross-selling opportunities for its products in the high-acuity departments.
Todd Cozzens, CEO at Picis, will remain and the company will continue its operations in Massachusetts and other offices in the United States and Europe. Privately held Picis' revenue has increased at least 50 percent annually since 2001 and it has been profitable for "a number of years" according to the company.
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