MCLEAN, VA--(Marketwired - October 27, 2016) - Cognosante and Business Information Technology Solutions (BITS) announced today that Cognosante has acquired BITS, a rapidly growing provider of IT services and solutions to the U.S. Department of Veterans Affairs (VA) and the U.S. Department of Defense (DoD).
BITS, also known as The BITS Group, has more than a decade of experience in healthcare systems, enterprise business systems, business intelligence, and data analytics in the public health sector. It is one of the prime contractors of the VA's $22.3 billion Transformation Twenty-One Total Technology Next Generation (T4NG). The vehicle, awarded earlier this year, has a five-year base period with an additional five-year option period.
"This acquisition represents a critical component of our growth strategy," says Michele Kang, founder and CEO of Cognosante. "Both companies were founded with the same passion and vision to think differently and bring true innovation to our large, complex public health programs. Expanding upon Cognosante's initial focus on Medicare, Medicaid, and Marketplace, the combined company now serves a wider spectrum of the public health sector, which touches more than 150 million lives in the country."
"We are extremely excited about merging with the right partner that will take our joint capabilities to the next level in support of our clients' transformational initiatives," says Dan McQuay, founder and CEO of BITS. "Since inception, our focus has been on making a difference for our clients-those who are serving and have served-and our employees, many of whom are Veterans. We have found that same intense emphasis and spirit in Cognosante."
BITS will become a wholly owned subsidiary of Cognosante, and will be known as BITS, A Cognosante Company. Its founder and CEO, Dan McQuay, will continue in his role and title. Cognosante funded the acquisition through an expanded line of credit provided by Capital One and Bank of America Merrill Lynch. Terms were not disclosed.
An Infographic that details how Cognosante and BITS are BETTER TOGETHER can be found at: http://cognosante.com/content/infographic.
Business Information Technology Solutions, also doing business as BITS and The BITS Group, provides lifecycle IT consulting and support services to the public sector. BITS is a service-disabled Veteran-owned small business (SDVOSB) with an unwavering focus on those who have served and are currently serving. The BITS Group focuses on providing services and solutions for health systems, enterprise business systems, and business intelligence and analytics. BITS is dedicated to providing a superior level of service and the expertise required to realize immediate return on business and technology investments. The company has established a Veteran Involvement group to actively engage in Active Duty and Veteran events. With many employees who are Veterans or have immediate family who are serving or have served, BITS is eager to hire Veterans and proudly support an array of leading Veteran Service Organizations. More information can be found at www.thebitsgroup.com.
Cognosante provides technology solutions, business process outsourcing, and consulting services to Federal, state, and local government healthcare agencies. The company has nearly 3 decades of experience in which it has worked with 48 states and the Federal government, developing, managing, and executing large, complex health information programs. Its expertise includes Medicaid, Medicare, health insurance marketplaces, health data standards and reconciliations, modular system development and integration, health data analytics, and fraud, waste, and abuse. Visit cognosante.com for more information.