Apax to sell TriZetto for $2.7 bln

Apax Partners has agreed to sell TriZetto Corporation to Cognizant Technology Solutions Corp for $2.7 billion in cash. The firm bought TriZetto in 2008 in a deal valued about $1.4 billion.

TriZetto develops, licenses and manages solutions for healthcare payers and providers, providing software and services to approximately 350 health plans. Headquartered in Teaneck, New Jersey, acquiring business Cognizant is a provider of information technology, consulting and business process outsourcing services, dedicated to helping the world’s leading companies build stronger business.

Apax Funds acquired TriZetto in 2008. Minority investors BlueCross BlueShield of Tennessee and Cambia Health Solutions also participated in that deal and will also be selling their stakes.

J.P. Morgan Securities and Goldman Sachs served as financial advisors to TriZetto and Kirkland & Ellis LLP is acting as legal advisor. Cognizant was advised by Credit Suisse, UBS Securities LLC and Centerview Partners. Legal counsel to Cognizant was provided by Latham & Watkins LLP and Nishith Desai Associates.

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