|
Singapore, October 5th, 2004 Scandent
Group has signed a definitive agreement to buy Aon Corporations
claims administration business, Cambridge Integrated Services
Group, Inc. (www.cambridgeintegrated.com).
Aon will retain a minority financial interest. Terms of the
sale were not disclosed.
Patrick G. Ryan, chairman and CEO of Aon Corporation, said,
Clients will benefit from a combination of claims services
skills and process management expertise, and we will continue
to refer insurance brokerage clients to Cambridge. The sale
also fulfills Aons objective of refocusing on its core
businesses.
Chris Sinclair, chairman of Scandent Group, said, Scandents
purchase of Cambridge, a world-class claims services provider,
is a major step in the growth of our company. We look forward
to expanding our franchise in this exciting field, and to
adding our worldwide capabilities to support Cambridge and
its clients.
Sinclair added, The potential for claims processing
in the U.S., U.K., Australia and other international markets
is immense.
Scandent Group has experience in Health-Care Claims Processing,
Insurance and Financial Services Business Process Outsourcing
(BPO) as well as Information Technology Services through its
group companies Scandent Solutions and ProcessMind. ProcessMind
will be folded into Cambridge to expand the companys
BPO capabilities. The strategy is to expand the business while
bringing best practices from each company to operations. Cambridge
employees will transfer to the new company.
For Scandent Group, the resultant combination of Cambridge
and ProcessMind creates one of the largest market-facing BPO
companies with US and Asian presence.
Standard Chartered Bank advised Scandent Group on this transaction.
About Scandent Group
Scandent Group (SG) is a leading innovator in providing technology-enabled
solutions and services to a wide array of Corporate and Government
clients around the world. SG and its partners and affiliates
employ several thousand employees, with offices in 10 countries,
and delivery teams in 20 locations (www.scandentgroup.com).
SG, with its global headquarters in Singapore, is privately
held and was formed in 2001 by a group of accomplished business
leaders with extensive experience in building and spearheading
large global businesses across a variety of industries and
markets. SG seeks to build a global IT services and Business
Process Outsourcing (BPO) business by seeking to acquire existing,
profitable, operating companies in key growth markets.
SG is among a select list of elite firms to
be granted the prestigious designation of 'International Headquarters
Status' by the Government of Singapore. More information on
Scandent Group's current business activities is available
onwww.scandentsolutions.com
(IT consulting and services) and www.processmind.com
(Business Process Outsourcing services).
About Aon
Aon Corporation (www.aon.com)
is a leading provider of risk management services, insurance
and reinsurance brokerage, human capital and management consulting,
and specialty insurance underwriting. The company employs
approximately 52,000 professionals in its 600 offices in more
than 120 countries. Backed by broad resources, industry knowledge
and technical
expertise, Aon professionals help a wide range of clients
develop effective risk management and workforce productivity
solutions.
Scandent Group Safe Harbor Statement
Certain statements in this release concerning our future growth
prospects and our ability to successfully complete and integrate
potential acquisitions are forward looking statements, which
involve a number of risks, and uncertainties that could cause
actual results to differ materially from those in such forward
looking statements. The risks and uncertainties relating to
these statements include, but are not limited to, risks and
uncertainties regarding our ability to
integrate acquired assets in a cost effective and timely manner,
our ability to manage growth, intense competition including
those factors which may affect our cost advantage, our ability
to attract and retain highly skilled professionals, our ability
to manage our international operations, the success of the
companies in which Scandent Group has made strategic investments,
political
instability, unauthorized use of our intellectual property
and general economic conditions in the countries where we
operate. Scandent Group does not undertake to update any forward-looking
statement that may be made from time to time by or on behalf
of the company.
|