Leidos Acquires IMX Medical Management Services to Expand Healthcare Consulting Footprint

On August 8, 2019, VCBeat (WeChat ID: vcbeat) learned that Leidos (NYSE: LDOS), a Fortune 500 company, announced today that it had reached a definitive agreement for an acquisition. Leidos will acquire IMX Medical Management Services (IMX), a URAC®-certified commercial independent review organization, along with its affiliate business, First Rehabilitation Resources, a URAC®-certified workers’ compensation case management company primarily serving the Mid-Atlantic and Northeastern United States. Upon closing of the transaction, IMX is expected to operate under the management of QTC Management, Inc. (QTC), a wholly owned subsidiary of Leidos that provides more than 3,000 independent medical examinations and medical record reviews daily to key federal clients across all 50 states.

Headquartered in Malvern, Pennsylvania, IMX and its affiliates provide independent medical examinations, medical record reviews, and medical and occupational case management services to insurance carriers, employers, law firms, third-party administrators, and state and local governments. Upon closing of the transaction, nearly 200 employees from IMX and its affiliates will expand QTC’s service offerings and leverage QTC’s mature examination workflow technology to enable real-time access, tracking, and reporting of case information.

Jon Scholl, President of Leidos Health Group, stated, “With a 35-year history, Leidos provides technology-driven examination solutions through our wholly owned subsidiary, QTC. The acquisition of IMX supports our mission to make the world safer, healthier, and more efficient.” Grant Kim, President of QTC, added, “We are pleased to reach an agreement with this respected organization, which shares our commitment to delivering the highest quality medical and related services.” David Dugery, President of IMX, affirmed, “Beyond our aligned corporate cultures, this transaction brings together organizations that are customer-centric and focused on long-term future planning.”

The acquisition is expected to be completed in the third quarter of 2019, subject to customary approvals.

Leidos is a Fortune 500 company and a leader in technology solutions. It is dedicated to addressing the most critical challenges facing the world in the defense, intelligence, homeland security, civil, and health markets. The company’s more than 30,000 employees deliver mission-critical services to government and commercial customers. Headquartered in Reston, Virginia, Leidos reported annual revenue of approximately $10.19 billion for the fiscal year ended December 28, 2018.

QTC Management, Inc. was acquired by Leidos in 2016. It collaborates with each client to determine current and projected program requirements and provides comprehensive disability-focused medical examinations and diagnostic testing services. Since 2000, QTC has conducted more than 8 million physical examinations and diagnostic tests.

IMX Medical Management Services is a medical consulting firm specializing in independent medical evaluations at the national or regional level, medical record and peer reviews, independent medical case reviews, functional capacity evaluations, and on-site case management. Since 1995, IMX has been a leader in providing these services and was accredited by URAC as an Independent Review Organization in 2009. IMX provides objective medical opinions for virtually any medical condition. The opinions provided by IMX are based on medical literature and clinical research.

(Compiled by Tian Shuhang)