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TriZetto Acquires INFOTRUST
Company Plans to Leverage AMISYS Expertise
NEWPORT BEACH, CA – April 17, 2001 – The TriZetto® Group, Inc. (Nasdaq: TZIX) announced today that it acquired INFOTRUST® Company, a subsidiary of TRUSTCO Holdings, Inc. INFOTRUST, based in Waukegan, Illinois, serves healthcare payers, providing hosted application services and outsourcing of essential administrative processes. TriZetto purchased INFOTRUST for 923,077 shares of TriZetto common stock, valued at approximately $12.5 - $13.5 million.
INFOTRUST hosts the AMISYS Managed Care System as the core administrative software for its managed care customers, as well as complementary McKessonHBOC applications for physician profiling, quality reporting, patient care management and clinical auditing. INFOTRUST's business outsourcing capabilities include enrollment, claims administration, premium billing, collections, and member and provider services.
"INFOTRUST will expand our position in the healthcare payer market, building upon the large base of customers gained through our recent acquisitions of Erisco and RIMS," said Jeffrey H. Margolis, TriZetto's Chief Executive Officer. "INFOTRUST enjoys an excellent reputation among its clients, and we plan to increase the market share INFOTRUST has established in the AMISYS customer base. INFOTRUST's technical knowledge of AMISYS, business outsourcing expertise and thorough understanding of remotely hosted application services will be assets to TriZetto in achieving that goal. Further, we believe INFOTRUST's current customers will benefit from TriZetto's broad range of information technology solutions."
Margolis added, "Payers are coping with the difficult reality of rising healthcare costs along with increased government regulations imposed by the Health Insurance Portability and Accountability Act of 1996 (HIPAA). TriZetto has the capability to assist payers with complete information technology solutions and services that are cost effective, enable HIPAA compliance, and can be rapidly deployed."
"We are enthusiastic about joining a progressive company like TriZetto," said Mark Franzen, President of INFOTRUST. "TriZetto and INFOTRUST have pursued a similar strategy, focused on providing cost-effective services for health plans. As part of TriZetto, we believe we will be able to offer our customers greater flexibility in meeting their future information technology and business service needs."
In 2000, INFOTRUST recognized approximately $12 million of revenue (unaudited), including approximately $7.3 million of recurring revenue. TriZetto management plans to discuss the financial impact of the INFOTRUST acquisition in more detail during its first quarter conference call on April 24, 2001.
About TriZetto
The TriZetto® Group, Inc., is an information technology and services company focused on the healthcare industry. The company hosts and licenses software and provides e-business platforms, serving approximately 600 customers with more than 90 million enrollees. TriZetto's application service provider (ASP) unit hosts a broad selection of applications from multiple vendors for a predictable monthly fee. All of TriZetto's ASP offerings are configured for use over the Internet. TriZetto's HealthWeb® technology allows all healthcare participants ? health plans, providers, employers and members ? to exchange information and conduct business over the Internet. HealtheWare?the software engines unit, develops and licenses premium Erisco and RIMS applications for payers and benefits administrators. Headquartered in Newport Beach, Calif., TriZetto can be reached at (949) 719-2200, www.trizetto.com.
This press release contains forward-looking statements that involve risks and uncertainties. The forward-looking statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include statements about future net revenues, profits, and financial results, the market for TriZetto's services, future service offerings, client and partner relationships, and TriZetto's operational capabilities. Actual results may differ materially from those stated in any forward-looking statements based on a number of factors, including the effectiveness of TriZetto's implementation of its business plan, the market's acceptance of TriZetto's services, risks associated with management of growth, reliance on third parties to supply key components of TriZetto's services, attraction and retention of employees, variability of quarterly operating results, competitive factors, risks associated with acquisitions, changes in demand for third party products or solutions, which form the basis of TriZetto's service offerings, and risks associated with rapidly changing technology, as well as the other risks identified in TriZetto's Form 10-K and other SEC filings.
CONTACTS:
TriZetto Investor Relations
Anna Marie Dunlap
949-719-2236
am.dunlap@trizetto.com
TriZetto Media Relations
Jodi Amendola
480-657-9966, ext. 25
jamendola@cpronline.com
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