Author: Mary-Louise Hoffman|| Date Published: March 2, 2016
Richard Montoni
Maximus (NYSE: MMS) has bought specialized healthcare assessment company Ascend for an undisclosed sum to expand its portfolio of health and human service offerings for the public sector.
“This acquisition broadens our ability to help our government clients deal with the rising demand for long-term care services, ” Maximus CEO Richard Montoni said in a statement issued Tuesday.
Tennessee-based Ascend works with public-sector organizations to determine medical care and service needs of program beneficiaries and offers data management tools for customer agencies to deliver services to people.
Brentwood Capital Advisors acted as a financial adviser to Ascend in the transaction while BDO and Hogan Lovells respectively served as financial and legal advisers to Maximus.
Maximus estimates Ascend will add about $13 million to the Reston, Virginia-based contractor’s fiscal 2016 revenue.
Maximus’ 2016 outlook forecasts earnings in the range of $2.40 to $2.70 per share and revenue between $2.4 billion and $2.5 billion.
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