JACKSONVILLE, Fla.,
Sept. 5, 2017 /PRNewswire/ --
Fidelity National Financial, Inc. today announced that FNFV Group
(NYSE: FNFV) has signed a definitive agreement to acquire T-System
Holdings ("T-System") for $200
million in cash. T-System is a provider of clinical
documentation and coding solutions to hospital-based and
free-standing emergency departments and urgent care
facilities.
T-System organizes its business into two segments. The
Clinical Documentation segment offers software solutions providing
clinical staff full workflow operations that drive documentation
completeness and revenue optimization to more than 435
customers. Additionally, the patented T-Sheet is the industry
standard for emergency department documentation, with more than 800
customers. The Coding Software & Outsourced Solutions
segment provides a full-service outsourced coding solution as well
as a cloud-based SaaS solution for self-service coding. These
offerings help more than 75 customers at over 300 sites optimize
their revenue cycle workflow and customer revenue reimbursement
through improved coding accuracy and compliance and coder
productivity compared to in-house coding.
"T-System is a great company with an experienced management team
that operates in a very large and fragmented medical documentation
and coding market, with a business model that is shifting to a
majority of recurring revenue streams," said Chairman William P. Foley, II. "We believe that the
documentation business is at an inflection point with a significant
near-term organic growth opportunity. We are also confident
that we can assist T-System in making multiple acquisitions that
can accelerate future growth and further expand the product and
services that the company offers to its customers. We expect
T-System to be a great acquisition that will generate significant
future value for our shareholders."
About Fidelity National Financial, Inc.
Fidelity
National Financial, Inc. is organized into two groups, FNF Group
(NYSE: FNF) and FNFV Group (NYSE: FNFV). FNF is a leading
provider of title insurance, technology and transaction services to
the real estate and mortgage industries. FNF is the nation's
largest title insurance company through its title insurance
underwriters - Fidelity National Title, Chicago Title, Commonwealth
Land Title, Alamo Title and National Title of New York - that collectively issue more title
insurance policies than any other title company in the United
States. FNF also provides industry-leading mortgage
technology solutions and transaction services, including MSP®, the
leading residential mortgage servicing technology platform in the
U.S., through its majority-owned subsidiaries, Black Knight
Financial Services and ServiceLink Holdings. FNFV holds
majority and minority equity investment stakes in a number of
entities, including American Blue Ribbon Holdings, LLC, Ceridian
HCM, Inc. and Del Frisco's
Restaurant Group, Inc. More information about FNF and FNFV
can be found at www.fnf.com.
Forward-Looking Statements
This press release contains
forward-looking statements that involve a number of risks and
uncertainties. Statements that are not historical facts, including
statements regarding our expectations, hopes, intentions or
strategies regarding the future are forward-looking statements.
Forward-looking statements are based on management's beliefs, as
well as assumptions made by, and information currently available
to, management. Because such statements are based on expectations
as to future financial and operating results and are not statements
of fact, actual results may differ materially from those projected.
We undertake no obligation to update any forward-looking
statements, whether as a result of new information, future events
or otherwise. The risks and uncertainties which
forward-looking statements are subject to include, but are not
limited to: our ability to consummate the acquisition of T-System
and to achieve growth and other objectives following the
acquisition; our ability to successfully achieve the conditions to
and consummate the plan to redeem and exchange the FNFV tracking
stock with the result being an independent, publicly-traded FNFV
common stock; changes in general economic, business and political
conditions, including changes in the financial markets; weakness or
adverse changes in the level of real estate activity, which may be
caused by, among other things, high or increasing interest rates, a
limited supply of mortgage funding or a weak U. S. economy; our
potential inability to find suitable acquisition candidates,
acquisitions in lines of business that will not necessarily be
limited to our traditional areas of focus, or difficulties in
integrating acquisitions; our dependence on distributions from our
title insurance underwriters as a main source of cash flow;
significant competition that our operating subsidiaries face;
compliance with extensive government regulation of our operating
subsidiaries; and other risks detailed in the "Statement Regarding
Forward-Looking Information," "Risk Factors" and other sections of
the Company's Form 10-K and other filings with the Securities and
Exchange Commission.
FNF - G
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SOURCE Fidelity National Financial, Inc.