RESTON, Va., Aug. 7, 2019 /PRNewswire/ -- Leidos (NYSE: LDOS), a FORTUNE® 500 science and technology leader, today announced it has entered into a definitive agreement to acquire IMX Medical Management Services (IMX), a URAC® accredited commercial independent review organization and its affiliated businesses, including First Rehabilitation Resources, a URAC® accredited commercial case management organization, primarily serving the mid-Atlantic and northeastern United States. Following the transaction close, it is expected that IMX will operate under QTC Management, Inc. (QTC), a wholly owned Leidos subsidiary providing more than 3,000 independent medical examinations and medical record reviews per day across all 50 states for a number of key federal customers.
IMX, headquartered in Malvern, Pa., and its affiliated businesses provide independent medical evaluations, medical record reviews, and medical and vocational case management for insurance carriers, employers, law firms, third party administrators, and state and local government. After the transaction closes, nearly 200 IMX and affiliate staff members will extend QTC's coverage area, and apply QTC's proven examination workflow technology that enables real-time access to case information, tracking and reporting.
"Leidos has a 35-year history of providing technology-driven exam solutions through our wholly-owned company, QTC," said Jon Scholl, Leidos Health Group president. "The IMX transaction directly supports our mission to make the world safer, healthier and more efficient." Grant Kim, QTC president added, "We are excited to have reached agreement with this highly regarded organization that shares our commitment to delivering the highest quality medical, disability, and related services." David Dugery, IMX president, affirmed, "On top of being a great culture fit, this deal brings together organizations with long-term plans centered on customer service."
The acquisition is expected to close in the third quarter of 2019, subject to customary approval.
Leidos is a Fortune 500® information technology, engineering, and science solutions and services leader working to solve the world's toughest challenges in the defense, intelligence, homeland security, civil, and health markets. The company's 33,000 employees support vital missions for government and commercial customers. Headquartered in Reston, Virginia, Leidos reported annual revenues of approximately $10.19 billion for the fiscal year ended December 28, 2018. For more information, visit www.Leidos.com.
About QTC Management
QTC Management, Inc., acquired by Leidos in 2016, partners with each customer to identify existing and forecasted program needs and delivers a full complement of disability-focused medical examination and diagnostic testing services. Since 2000, QTC has provided more than 8 million physical examinations and diagnostic tests. For more information, visit www.qtcm.com.
Kelly P. Hernandez