Plano, Texas — August
8, 2003 — Perot Systems Corporation (NYSE: PER)
today announced that it completed the acquisition of
Vision Healthsource India Private Limited and Vision
Healthsource, Inc. -- collectively known as “Vision”
-- a leading provider of billing and claims solutions
for healthcare service providers in the United States.
With this acquisition, Perot Systems establishes a healthcare
processing capability in India as part of the company’s
healthcare transformation strategy and global service
delivery model.
"We are excited to join the Perot Systems family,”
said Vision founder and CEO Anurag Jain. “With
Perot Systems’ established leadership presence
and Vision's offshore capability in healthcare, we can
provide a cost-effective and complete end-to-end solution
to our customers. For our employees, it provides an
opportunity to be part of a global corporation and opens
exciting new avenues for growth."
Vision’s approximately 500 employees will become
a part of Perot Systems’ healthcare group, the
company’s largest industry group.
“Our value to the healthcare industry includes
driving administrative savings to help providers and
payers fund quality, safety and consumer health initiatives,”
said Chuck Lyles, Perot Systems vice president and Healthcare
group leader. “With Vision’s cost effective
processing capability, we have enhanced our ability
to deliver on this value.”
Perot Systems agreed to acquire Chennai-based Vision
in July 2003 for an aggregate value up to US$10 million
– US$3 million in cash at closing and an additional
US$7 million if certain performance targets are met
through 2006. For the 12 months ending December 2002,
Vision had revenues of approximately US$2.4 million.
About Vision Healthsource, Inc.
In 1997, recognizing the high monetary and human resource
cost to businesses performing transaction services,
Vision pioneered outsourced transaction processing for
the U.S.-based healthcare industry. Today, Vision is
a leading provider of billing, receivables and claims
business process outsourcing solutions for healthcare
service providers. Vision’s proven, low-cost,
state-of-the-art outsourced processing capabilities
in Chennai, India take full advantage of quality business
processes and the highly skilled workforce and economic
leverage in the region.
About Perot Systems
Perot Systems is a worldwide provider of information
technology services and business solutions. Through
its flexible and collaborative approach, Perot Systems
integrates expertise from across the company to deliver
custom solutions that enable clients to accelerate growth,
streamline operations and create new levels of customer
value. Headquartered in Plano, Texas, Perot Systems
reported 2002 revenue of $1.3 billion. The company has
more than 10,000 associates located in North America,
Europe, and Asia. Additional information on Perot Systems
is available at www.perotsystems.com.
Perot Systems Healthcare is one of the largest providers
of full-service IT operations in the hospital industry,
managing significant relationships with four of the
top 20 U.S. health systems. More than 4,000 employees
from the Healthcare Industry Group serve both the for-profit
and not-for-profit healthcare marketplace, providing
integrated end-to-end technical and business solution
services. Perot Systems healthcare clients represent
more than 300 healthcare providers, thousands of caregivers,
200 health insurance organizations, as well as leading
biopharmaceutical and healthcare supply chain companies.
This press release contains forward-looking statements.
These statements relate to future events or our future
financial performance. In some cases, you can identify
forward-looking statements by terminology such as "may,"
"will," "should," "forecasts,"
"expects," "plans," "anticipates,"
"believes," "estimates," "predicts,"
"potential," or "continue" or the
negative of such terms and other comparable terminology.
These statements are only predictions. Actual events
or results may differ materially. In evaluating all
forward-looking statements, you should specifically
consider various factors that may cause actual results
to vary from those contained in the forward-looking
statements, such as: risks associated with negotiating
and exiting contractual relationships; risks associated
with the Company’s expectation that the actions
discussed in this press release will provide a stable
base of earnings; risks associated with expanding earnings
from new sales; as well as other risks, including the
loss of major clients; deterioration of project and
consulting-based revenue and profit; the Company’s
ability to achieve future sales; changes in its UBS
relationship and variability of revenue and expense
associated with its largest customer, as well as other
clients; risks associated with the portion of client
revenue and profits representing spending above contractual
minimums, which could be deemed as discretionary by
clients and result in lower revenue and earnings for
the Company with limited notice; the current and future
performance of client contracts; risks associated with
non-recoverable cost overruns on software development
contracts; growing start-up businesses; the highly competitive
market in which the Company operates; the variability
of quarterly operating results; the reliance on estimates
that involve successful completion of future actions;
guaranteed purchase agreements; changes in technology;
changes to accounting methods; risks associated with
developing software for client use and for resale purposes;
risks associated with acquisitions and divestitures,
and risks related to international operations. Please
refer to the Company’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2002, as filed
with the U.S. Securities and Exchange Commission and
available at www.sec.gov,
for additional information regarding risk factors. The
Company disclaims any intention or obligation to revise
any forward-looking statements whether as a result of
new information, future developments, or otherwise.
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