Xerox Corp. has agreed to pay $225 million for ISG Holdings Inc., a workers compensation specialist that operates its healthcare software maker StrataCare LLC in Irvine.
Norwalk, Conn.-based Xerox—which provides diversified business processing services, including document management and printing software—said the deal is aimed at expanding its workers compensation offerings for clients in the property and casualty insurance industry.
StrataCare provides web-based medical bill management software. It has more than 350 employees across its operations here and a regional office in Amarillo, Texas.
The company is headed by Paul Glover, chairman and chief executive of Farmington, Conn.-based ISG, who will continue to lead StrataCare and ISG’s other subsidiary, Bunch CareSolutions in Lakeland, Fla.
The two units, which will be branded as Xerox companies, are expected to have about 700 employees overall when the transaction is completed.
Publicly traded Xerox shares were down about 1% Tuesday morning, to a market capitalization of about $13.8 billion.