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June 3, 2008 |
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General Dynamics Information Technology to Acquire ViPS, Inc.
FALLS CHURCH, Va. – 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 $225 million.
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
www.gdit.com.
General Dynamics, headquartered in Falls Church, Va., employs approximately
84,000 people worldwide and reported 2007 revenues of $27.2 billion. The company
is a market leader in business aviation; land and expeditionary combat systems,
armaments and munitions; shipbuilding and marine systems; and information
systems and technologies. More information about the company is available online
at www.generaldynamics.com.
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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.
All forward-looking statements speak only as of the date they were made. The
companies do not undertake any obligation to update or publicly release any
revisions to any forward-looking statements to reflect events, circumstances or
changes in expectations after the date of this press release.