Wayne-based managed care provider Genex in merger agreement with Mitchell International
Tom Paine
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San Diego-based Mitchell International, a leading provider of technology, connectivity and information solutions to the Property & Casualty (P&C) insurance and Collision Repair industries, has reached an agreement to merge with Genex Services, a Wayne-based provider of clinical solutions to the workers’ compensation, auto and disability insurance markets. The agreement was announced this week. Terms were not disclosed.
Mitchell is primarily a technology provider, while Genex is a managed care provider which uses technology extensively.
Genex, which will continue to be led by its CEO Peter Madeja, will guide its delivery of clinical outcomes, and will continue to be headquartered in Wayne, PA.
"Both Mitchell and Genex remain intensely committed to our clients and existing lines of business across auto physical damage, auto casualty, workers’ compensation, pharmacy, disability and healthcare,” said Alex Sun, CEO of Mitchell. “Client focus remains our number one priority and we continue to increase our level of investment across the board. I look forward to working with our new Genex teammates to better serve our valued client partners.”
Genex has more than 2,900 employees and 41 service locations throughout North America.
Genex has more than 2,900 employees and 41 service locations throughout North America.
n 2013, the private equity firm Kohlberg Kravis Roberts bought Mitchell from Aurora Capital for $1.1 billion.
Stone Point Capital, a PE firm which sold Genex 1n 2014, reacquired the company in February of this year . That's a quick turnaround (or actually two).
