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TriZetto Acquires ChannelPoint Technology
NEWPORT BEACH, Calif. – April 17, 2002 – The TriZetto(R) Group, Inc. (Nasdaq:TZIX) has signed an agreement to acquire certain personnel, intellectual property and assets from the healthcare division of ChannelPoint, Inc. for an undisclosed amount. ChannelPoint's technology automates the process of issuing, underwriting, administering and servicing health insurance policies. Among other products, ChannelPoint developed Commerce Broker, an application that automates interactions between payers and insurance brokers, allowing rapid turnaround on price quotes, employer risk ratings, and proposal generation. TriZetto will employ former ChannelPoint employees to continue maintaining and providing technical support for the Commerce Broker application.
"The talent, technology and domain expertise we acquired from ChannelPoint are important additions to our company," said Dan Spirek, president of TriZetto's Business Solutions division. "The transaction will allow our software division to expedite the development of our HealthWeb(R) e-Broker product. e-Broker will allow payers to sell healthcare benefit plans over the Internet, thus reducing costs and improving service to brokers and small employers. Also, we are now in a better position to work with other technology suppliers and health plans that have or are developing Internet selling capabilities."
In connection with the ChannelPoint transaction, TriZetto signed a 30-month license and software support agreement with UnitedHealthcare. Under the contract, TriZetto will maintain and support the Commerce Broker application for UnitedHealthcare's Small Business Unit.
About TriZetto
The TriZetto(R) Group, Inc. offers a broad portfolio of healthcare IT products and services that can be delivered individually or combined to create a comprehensive solution. The company provides proprietary and third party software on a licensed or hosted basis, e-business applications, consulting services and business services, such as claims, billing and enrollment processing. Focused exclusively on healthcare, TriZetto serves more than 500 payers, providers and benefits administrators. Its payer customers serve more than 100 million health plan members, or approximately 40 percent of the insured population of the United States. Headquartered in Newport Beach, Calif., TriZetto can be reached at (800) 569-1222, 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, financial stability of our customers, changes in government laws and regulations 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
David Scott
303-495-7197
david.scott@trizetto.com
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For more detailed information, please call 1-800-569-1222 or click on the link below.
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