F.Y.I. Announces Acquisition of Image Entry; Expanding Company's Government and Insurance Industry Presence

Apr 12, 2001, 01:00 ET from F.Y.I. Incorporated

    DALLAS, April 12 /PRNewswire/ -- F.Y.I. Incorporated (Nasdaq:   FYII), one
 of the nation's leading providers of business process outsourcing solutions,
 today announced its acquisition of Image Entry, Inc., based in London,
 Kentucky.
     Image Entry provides information management solutions, primarily for
 insurance organizations and state and federal government agencies.  The
 company has more than 1000 employees and operates through 11 locations across
 Alabama, Arkansas, Kentucky, and Tennessee.  Since its inception in 1992,
 Image Entry has become an emerging leader in outsourced medical claims
 processing, supporting on-line claims adjudication.  The company serves 14 of
 50 state BlueCross/BlueShield organizations and processes approximately
 18 million claims annually.  The company has obtained federal certifications
 allowing it to process federal employee benefit program claims as well.
     Image Entry has an extensive service platform supporting outsourced tax
 return and related remittance processing for the departments of revenue in
 several states including Alabama, Arkansas, Illinois, Indiana, and Kentucky.
 In addition, the company provides outsourced processing for a host of other
 state government agencies addressing management of vital statistics as well as
 records for human services, insurance, labor, library and archives, public
 safety, and transportation departments.  At the federal level, Image Entry is
 working with both the National Weather Service and the Immigration and
 Naturalization Service to digitize information and create systems for on-line
 data retrieval within these agencies and to establish electronic data
 repositories providing rapid researching capabilities for external use.  The
 company also provides data capture and image conversion services to support a
 variety of business processes as well as information processing services to
 support customer care and demographic analysis for consumer products
 companies.
     "The acquisition of Image Entry extends F.Y.I.'s reach into state and
 federal government agencies, providing additional service platform capacity
 and new applications, such as the remittance processes for departments of
 revenue," said Ed H. Bowman, Jr., President and CEO of F.Y.I. Incorporated.
 "We expect to leverage Image Entry's expertise, resources, and strong client
 relationships in combination with our existing New York state government
 services platform to support large government contracts both at the state and
 federal level."
     Mr. Bowman continued, "Image Entry also brings additional on-line
 processing capabilities to complement our medical claims processing business,
 which today processes more than 60 million claims annually.  Image Entry
 provides a strong, cost-competitive domestic service platform alternative that
 we can bring to bear in addition to our offshore service infrastructure.  Bill
 Deaton, the company's founder, and his team have provided strong guidance and
 leadership for the business, and we look forward to their continued leadership
 and contributions as part of F.Y.I. Incorporated."
 
     ABOUT F.Y.I. INCORPORATED
     F.Y.I. Incorporated is a leading, national, single-source provider of
 business process outsourcing solutions.  Headquartered in Dallas, the company
 serves clients in information-intensive industries such as healthcare, legal,
 banking, insurance, and government.  F.Y.I. was added to the S&P SmallCap 600
 Index in January 2000 and is also a component of the Russell 2000 Index.
     F.Y.I. Incorporated employs more than 10,000 people and operates in over
 40 states, Washington D.C., Puerto Rico, Mexico, and the Grenadines.  In 1999,
 and for the second straight year, F.Y.I. was recognized by Forbes Magazine as
 one of the 200 Best Small Companies, based on return on equity, sales growth,
 and EPS growth.  This follows FORTUNE magazine naming F.Y.I. as one of
 America's 100 Fastest Growing Public Companies.
     For more information about F.Y.I.'s service offerings, including case-
 study examples, visit the F.Y.I. Incorporated website at http://www.fyii.com.
     The statements in this press release, which are not historical fact, are
 forward-looking statements that involve risks and uncertainties, which could
 cause actual results to differ materially from such forward-looking
 statements.  Such risks and uncertainties include, but are not limited to, the
 risks of integrating our operating companies, of managing our rapid growth, of
 the timing and magnitude of technological advances, of the occurrences of
 future events that could diminish our existing customers' needs for our
 services, of a change in the degree to which companies continue to outsource
 business processes, as well as the risks detailed in F.Y.I. Incorporated's
 filings with the Securities and Exchange Commission, including without
 limitation, those detailed under the heading "Risk Factors" in the company's
 most recent annual report on Form 10-K.  F.Y.I. disclaims any intention or
 obligation to revise any forward-looking statements, including financial
 estimates, whether as a result of new information, future events, or
 otherwise.
 
 

SOURCE F.Y.I. Incorporated
    DALLAS, April 12 /PRNewswire/ -- F.Y.I. Incorporated (Nasdaq:   FYII), one
 of the nation's leading providers of business process outsourcing solutions,
 today announced its acquisition of Image Entry, Inc., based in London,
 Kentucky.
     Image Entry provides information management solutions, primarily for
 insurance organizations and state and federal government agencies.  The
 company has more than 1000 employees and operates through 11 locations across
 Alabama, Arkansas, Kentucky, and Tennessee.  Since its inception in 1992,
 Image Entry has become an emerging leader in outsourced medical claims
 processing, supporting on-line claims adjudication.  The company serves 14 of
 50 state BlueCross/BlueShield organizations and processes approximately
 18 million claims annually.  The company has obtained federal certifications
 allowing it to process federal employee benefit program claims as well.
     Image Entry has an extensive service platform supporting outsourced tax
 return and related remittance processing for the departments of revenue in
 several states including Alabama, Arkansas, Illinois, Indiana, and Kentucky.
 In addition, the company provides outsourced processing for a host of other
 state government agencies addressing management of vital statistics as well as
 records for human services, insurance, labor, library and archives, public
 safety, and transportation departments.  At the federal level, Image Entry is
 working with both the National Weather Service and the Immigration and
 Naturalization Service to digitize information and create systems for on-line
 data retrieval within these agencies and to establish electronic data
 repositories providing rapid researching capabilities for external use.  The
 company also provides data capture and image conversion services to support a
 variety of business processes as well as information processing services to
 support customer care and demographic analysis for consumer products
 companies.
     "The acquisition of Image Entry extends F.Y.I.'s reach into state and
 federal government agencies, providing additional service platform capacity
 and new applications, such as the remittance processes for departments of
 revenue," said Ed H. Bowman, Jr., President and CEO of F.Y.I. Incorporated.
 "We expect to leverage Image Entry's expertise, resources, and strong client
 relationships in combination with our existing New York state government
 services platform to support large government contracts both at the state and
 federal level."
     Mr. Bowman continued, "Image Entry also brings additional on-line
 processing capabilities to complement our medical claims processing business,
 which today processes more than 60 million claims annually.  Image Entry
 provides a strong, cost-competitive domestic service platform alternative that
 we can bring to bear in addition to our offshore service infrastructure.  Bill
 Deaton, the company's founder, and his team have provided strong guidance and
 leadership for the business, and we look forward to their continued leadership
 and contributions as part of F.Y.I. Incorporated."
 
     ABOUT F.Y.I. INCORPORATED
     F.Y.I. Incorporated is a leading, national, single-source provider of
 business process outsourcing solutions.  Headquartered in Dallas, the company
 serves clients in information-intensive industries such as healthcare, legal,
 banking, insurance, and government.  F.Y.I. was added to the S&P SmallCap 600
 Index in January 2000 and is also a component of the Russell 2000 Index.
     F.Y.I. Incorporated employs more than 10,000 people and operates in over
 40 states, Washington D.C., Puerto Rico, Mexico, and the Grenadines.  In 1999,
 and for the second straight year, F.Y.I. was recognized by Forbes Magazine as
 one of the 200 Best Small Companies, based on return on equity, sales growth,
 and EPS growth.  This follows FORTUNE magazine naming F.Y.I. as one of
 America's 100 Fastest Growing Public Companies.
     For more information about F.Y.I.'s service offerings, including case-
 study examples, visit the F.Y.I. Incorporated website at http://www.fyii.com.
     The statements in this press release, which are not historical fact, are
 forward-looking statements that involve risks and uncertainties, which could
 cause actual results to differ materially from such forward-looking
 statements.  Such risks and uncertainties include, but are not limited to, the
 risks of integrating our operating companies, of managing our rapid growth, of
 the timing and magnitude of technological advances, of the occurrences of
 future events that could diminish our existing customers' needs for our
 services, of a change in the degree to which companies continue to outsource
 business processes, as well as the risks detailed in F.Y.I. Incorporated's
 filings with the Securities and Exchange Commission, including without
 limitation, those detailed under the heading "Risk Factors" in the company's
 most recent annual report on Form 10-K.  F.Y.I. disclaims any intention or
 obligation to revise any forward-looking statements, including financial
 estimates, whether as a result of new information, future events, or
 otherwise.
 
 SOURCE  F.Y.I. Incorporated

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