ATLANTA, GA., Nov. 23, 2015 (GLOBE NEWSWIRE) -- ExamWorks Group, Inc. (NYSE:EXAM), a leading provider of independent medical examinations, peer reviews, bill reviews, Medicare compliance services, case management services, and other related services (“IME services”), today announced the acquisition of the business and assets of Argent Rehabilitation Services and Argent Investigation Services (collectively referred to as “Argent”) for an all cash purchase price of £35 million or approximately $53 million using a conversion rate of 1.51. ExamWorks funded the acquisition with cash on hand.
The transaction makes ExamWorks’ UK subsidiaries, Premex Group (“Premex”) and 3d Rehabilitation Services, one of the UK’s largest rehabilitation service providers. Rehabilitation services include file reviews, diagnostic, return-to-work programs and related services for the liability insurance market.
Argent generates annual revenues of approximately £18 million or approximately $27 million using a conversion rate of 1.51.
The combination provides incremental scale to operations and brings expertise in the complex and high value claim arena to the Premex portfolio. The acquisition is consistent with Premex's successful execution of its growth strategy in areas necessary for its customers to manage costs, compliance and claimant communications. Like Premex, Argent serves motor insurers and law firms throughout the United Kingdom.
Additionally, simultaneously with the closing of this transaction, Premex announced that it has entered into two additional national account contracts. This brings Premex’s national account total to six.
Commenting on the transaction, James K. Price, CEO of ExamWorks, said: “The Argent acquisition meets our strategic criteria to acquire companies with a strong customer base, diverse portfolio of services and innovative technology platforms. Bringing Argent and its services into the Premex Group complements our core assessment and diagnostic services. We are pleased to welcome Argent to the ExamWorks family of companies.”
Richard E. Perlman, Executive Chairman, said: "Our UK business continues to exceed our expectations. The momentum of the national account program continues to accelerate. We anticipate that these two new national accounts will contribute towards the organic growth rates we have historically experienced from our national account program."
About ExamWorks Group
ExamWorks Group, Inc. is a leading provider of independent medical examinations, peer reviews, bill reviews, Medicare compliance services, case management services, and related services ("IME services"). We help our clients manage costs and enhance their risk management processes by verifying the validity, nature, cause and extent of claims, identifying fraud and providing fast, efficient and quality IME services. ExamWorks is focused on providing clients a national presence while maintaining the local service and capabilities they need and expect.