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Aetna finishes $500M acquisition of Medicity

Mon, 01/03/2011 - 6:45am
The Associated Press

Insurer Aetna Inc. said Monday that it completed its acquisition of health information exchange technology company Medicity.

Hartford, Conn.-based Aetna said last month it would spend about $500 million to buy the Salt Lake City company, which develops systems that allow doctors and hospitals to coordinate care and share information.

Aetna said the deal will speed up its growth in health information technology and exchanges, and will be neutral to next year's financial results. Medicity will operate as a separate business within Aetna under its existing leadership.

Aetna is the third-largest commercial health insurer based on enrollment, trailing UnitedHealth Group Inc. and WellPoint Inc. Health insurance is its main product, but Aetna also sells dental, group life and disability coverage. Its ActiveHealth Management subsidiary offers clinical decision support technology for employers and patients.

Shares of the insurer climbed 46 cents to $30.97 in late Monday morning trading.

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