SOURCE: Mitchell International

May 12, 2008 09:36 ET

Mitchell International Finalizes Acquisition of Fair Isaac Medical Bill Review Business Unit

Workers' Compensation, Auto Casualty and Managed Care Cost Containment Business Unit Significantly Expands Company's Portfolio

SAN DIEGO, CA--(Marketwire - May 12, 2008) - Mitchell International, Inc., a leading provider of information, workflow, and performance management solutions to the property and casualty claims and collision repair industries, today announced that it has completed the purchase of the workers' compensation, auto casualty and managed care cost containment business of Fair Isaac Corporation. This transaction follows the agreement announced on April 3, 2008, with the resulting new business unit to operate side-by-side with Mitchell Medical, the Company's auto casualty solutions division, under the name Mitchell SmartAdvisor™ Solutions.

"We are thrilled that we've been able to extend our product reach to include the workers' compensation realm," said Alex Sun, President and CEO of Mitchell International. "With this acquisition of a national brand, we not only acquired superior solutions, services and talented individuals, but we greatly enhanced our overall auto casualty market position that allows us to offer our customers even greater capabilities to settle claims across a broader set of lines."

Through industry-leading product offerings such as its Decision Point® and ClaimIQ™, Mitchell Medical currently offers the broadest set of cost containment technology and service solutions to the auto casualty claims market. Decision Point medical bill review, rules engine and workflow software is used by many of the nation's largest automobile insurance carriers to control their first-party and third-party medical claims costs. ClaimIQ offers sophisticated claims decision-optimization applications and delivers automated best practices, predictive analysis and real-time recommendations, enabling its customers -- auto and general liability insurance companies -- to drive claims processing efficiencies across their entire claims organization.

Fair Isaac, well known and respected in the workers' compensation industry as well as the auto casualty industry as a market-leading provider of medical cost containment technology and services, offers a comprehensive suite of medical bill review solutions including its flagship technology solution -- SmartAdvisor -- which helps provide increased workflow automation, maximized speed, accuracy and savings to its customers. SmartAdvisor Solutions also has an extensive and robust portfolio of outsource and medical professional review offerings, which Mitchell is looking forward to leveraging to help customers increase profitability, grow their business and lock-in customer loyalty.

Tom McCarthy, Executive Vice President of Mitchell and Founder of Mitchell Medical, added, "Just as we have done in auto casualty claims cost containment, we look forward to supporting the SmartAdvisor team as they bring innovation, creative solutions and great customer service to both the auto casualty and workers' compensation markets. We have retained all of the management of the Fair Isaac Unit and most of the employees, and look forward to welcoming them as an integral part of Mitchell."

About Mitchell International, Inc.

Mitchell International (www.mitchell.com) is a leading provider of information, workflow, and performance management solutions to the property and casualty insurance claims and collision repair industries. Mitchell facilitates millions of electronic transactions between more than 25,000 business partners each month to enhance their productivity, profitability, and customer satisfaction levels.

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