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Mitchell International Acquires Fair Isaac Medical Bill Review Business Unit
Workers Compensation Medical Cost Containment Business Unit Significantly Expands Company's Portfolio
| Source: Mitchell International
SAN DIEGO, CA--(Marketwire - April 3, 2008) - Mitchell International, Inc., a leading
provider of information, workflow, and performance management solutions to
the property and casualty claims and collision repair industries, today
announced that it has entered into an agreement to acquire the workers
compensation medical cost containment business of Fair Isaac Corporation.
Fair Isaac has led the market in medical cost containment technology and
services to the workers compensation industry through this strategic
business unit by providing a comprehensive suite of medical bill review
solutions including its flagship technology solution Smart Advisor™ and
its extensive portfolio of outsource and medical professional review
offerings.
"Through this significant acquisition, Mitchell is extending its presence
and leadership in the casualty claims realm, both in the auto and workers
compensation arenas," said Jim Lindner, Executive Chairman of the Board,
Mitchell International.
Through product offerings such as its Decision Point™ medical bill
review and ClaimIQ™ decision support solutions, Mitchell Medical, the
company's casualty solutions division, currently offers the broadest set of
cost containment technology and service solutions to the auto casualty
claims market.
Alex Sun, President and CEO of Mitchell, added, "I'm looking forward to
working with the new Mitchell Medical workers compensation team and
achieving great things together through an enhanced commitment to
innovation and a focus on truly distinguished customer service -- just as
we have done in auto casualty claims cost containment. We are committed to
serving our customers and look forward to supporting Fair Isaac's bill
review clients."
"Looking forward, we see a tremendous opportunity to unite the collective
expertise of our auto and workers compensation teams so that we can
identify new technologies that will satisfy the complex and changing
regulatory environment, as well as furthering the work we are accomplishing
today in data analytics. It will be an exciting next stage in our casualty
capability," concluded Sun.
"Mitchell has an outstanding track record of providing medical cost
containment solutions to the auto insurance industry," said Mark Greene,
CEO of Fair Isaac Corporation. "We look forward to working with Mitchell
and taking advantage of its considerable experience and investment in the
SmartAdvisor™ solution, which will extend its leadership into the
workers compensation industry."
About Mitchell International, Inc.
Mitchell International (www.mitchell.com) is a leading provider of
information, workflow, and performance management solutions to the property
and casualty insurance claims and collision repair industries. Mitchell
facilitates millions of electronic transactions between more than 25,000
business partners each month to enhance their productivity, profitability,
and customer satisfaction levels.
About Fair Isaac
Fair Isaac Corporation (NYSE : FIC ) combines trusted advice, world-class
analytics and innovative applications to help businesses make smarter
decisions. Fair Isaac's solutions and technologies for Enterprise Decision
Management turn strategy into action and elevate business performance by
giving organizations the power to automate more decisions, improve the
quality of their decisions, and connect decisions across their business.
Clients in 80 countries work with Fair Isaac to increase customer loyalty
and profitability, cut fraud losses, manage credit risk, meet regulatory
and competitive demands, and rapidly build market share. Fair Isaac also
helps millions of individuals manage their credit health through the
www.myFICO.com website.