Fiserv has sold 51% of its insurance business, including third party biller Third Party Solutions to a private equity firm. The buyer, Stone Point Capital, also owns workers comp managed care firm Genex and multiple other insurance-related companies, including brokerage, investment, distribution, reinsurance, technology, and claims services.
Fiserv will continue to own 49% of the new company, to be titled Fiserv Insurance Services (I’m hoping they didn’t pay a naming consultancy a lot for that).
Close watchers of the work comp pharmacy business (both of you) will recall that TPS acquired WorkingRx last fall, at the time its sole competitor in the third party biller industry.
What does this mean for you?
Folks familiar with the industry are of the opinion that TPS was a throw-in; Fiserv sought to sell TPS eighteen months ago, and has been trying to sell it off every since. Don’t be surprised if TPS is back on the market once this transaction closes later this month.
Jul
3
Fiserv runs UMR, which manages HRA / HSA / FSA accounts. How is this deal going to play out with regard to that, do you know?