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For Immediate Release
April 22, 2013
Media Relations Contact:
Pete DeMauro, Vice President, Marketing
214.574.1173 | pete.demauro@healthsmart.com


HealthSmart Announces Agreement to Acquire
Klais & Company, Inc. an Ohio based Third Party Administrator

Product Expansion into Student Health Plan Arena Highlights Transaction

(Dallas, Texas) April 22, 2013 ― HealthSmart Holdings Inc., announced today that it has entered into a definitive agreement to acquire Klais & Company Inc., an Akron, Ohio based administrator, specializing in administrative solutions to the employer and student health populations.  Terms of the transaction, which is expected to be completed by May 2013, were not disclosed.  

HealthSmart will acquire the operating assets and related liabilities of Klais & Company, Inc.  As part of the transaction, HealthSmart will add approximately 70 Klais & Company employees and maintain offices in the Akron, Ohio area.  Following the acquisition, HealthSmart will have annual revenues of approximately $190 million and 1,370 total employees.   

Nancy Archibald, President of Klais & Company, said  “Klais & Company will continue to bring administrative and student health solutions to customers nationally using HealthSmart’s broad network and operational capabilities.  We are excited about leveraging the Klais team’s strengths and talents with HealthSmart’s 40+ year track record.”  

 “During the past year, HealthSmart has acquired seven other third party administrators,” said Daniel D. Crowley, Chairman of HealthSmart. “We are very focused on creating economies of scale that allow us to provide our clients with high quality solutions at the best possible value. Our size, geographic coverage and high quality integrated managed care offerings make it possible for HealthSmart to meet the health benefit needs of self-funded employer groups and student health plans of all sizes.”  

Jim Pennington, President of HealthSmart, said, “This acquisition continues to fuel our growth strategy, especially in our Eastern Region. In addition, it will allow us to diversify our product and service offerings to now include student health solutions.  Both HealthSmart and Klais have customer-centric cultures and strive for excellence on a daily basis. We welcome the employees, clients, and students of Klais & Company to HealthSmart.”    

About HealthSmart
For more than 40 years, HealthSmart has offered a wide array of customizable and scalable healthcare administrative solutions. It specializes in self-funded insurance solutions and comprehensive wellness programs for employers through its broker distribution network. The company's headquarters is in Irving, Texas, with regional hubs throughout the country. HealthSmart’s mission is to improve member health and reduce healthcare costs.  

About Klais & Company
Klais & Company, Inc.  was founded in 1978 by Daniel Klais and is located in Akron, Ohio.  The TPA originally focused on administration of traditional commercial, employer-sponsored, self-funded group health plans.  As the business developed, the TPA gained a core competency around administration of student health plans, servicing both fully-insured and self-funded markets.  A vast majority of Klais’ revenues are derived from the student sector with more than 150,000 students in Klais programs.  The remaining revenues are generated from commercial self-funded health plans.

 

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