MModal Inc. (MODL), a provider of medical document processing technology, reported yesterday that it agreed to be bought by a JPMorgan Chase & Co. (JPM) unit for about $1.1 billion.
One Equity Partners, JPMorgan’s private investment arm, will pay $14 a share in cash for MModal, or 8.3 percent more than the stock’s July 2 closing price, the Franklin, Tennessee-based company said in a statement today. MModal’s board accepted the offer, to be made in a tender on or before July 17 and expected to be completed by September, it said.
“M*Modal continues to reach major milestones in technological innovation, product leadership and customer successes,” noted Vern Davenport, Chairman and CEO of M*Modal. “One Equity Partners matches our passion and drive, and we believe will be the right financial partner to accelerate our strategic goals and further enhance our leadership position as the entire industry focuses on improving the cost and quality of care. Our focus is and will continue to be on serving customers through our clinical documentation services and Speech Understanding™ solutions that unlock value from the ‘unstructured’ clinical narrative.”
Click here to view the entire press release.
MModal provides healthcare solutions that facilitate collaboration and improve workflow. To learn more about solutions like this, download a free copy of the Healthcare ePayables report that was recently released by PayStream Advisors.