HNC Insurance Solutions, a wholly owned subsidiary of San Diego-based HNC Software Inc. recently acquired Celerity Technologies, a provider of connectivity and value-added networks which support claims processing for the workers’ comp industry.
Under the terms of the deal, HNC acquired Celerity’s stock in a merger in exchange for approximately 220,000 HNC shares and $2.4 million in cash. Celerity, based in Columbus, Ohio, was formerly owned by the Frank Gates Companies.
Celerity’s products are expected to make a significant contribution in enabling HNC’s Insurance Solutions division to provide an end-to-end electronic claims processing service via the Internet.
Topics Mergers & Acquisitions
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