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EXHIBIT 99.3
NEWS
FOR IMMEDIATE RELEASE
Michael Gury Terry Lewandowski
IMS HEALTH Communications TriZetto Communications
(203) 222-4230 (201) 641-1911 x13
Jack Walsh Harvey Garte
IMS HEALTH Investor Relations TriZetto Investor Relations
(203) 222-4250 (949) 719-2200
TRIZETTO COMPLETES ACQUISITION OF ERISCO
IMS HEALTH DIVESTS ERISCO MANAGED CARE TECHNOLOGIES;
SIGNS STRATEGIC AGREEMENTS WITH TRIZETTO
NEWPORT BEACH, CA and WESTPORT, CT, October 2, 2000 - IMS HEALTH (NYSE:RX) and
the TriZetto(R) Group, Inc. (Nasdaq:TZIX) today jointly announced the completion
of TriZetto's acquisition of Erisco Managed Care Technologies, a subsidiary of
IMS HEALTH. Under the financial terms originally announced on May 16, 2000, the
acquisition was approved at TriZetto's stockholders' meeting held on September
27, 2000. TriZetto issued 12.14 million shares to IMS HEALTH, representing 33
percent ownership of TriZetto on a fully diluted basis. The Erisco assets
include working capital cash of $32 million which will be transferred to
TriZetto.
Victoria R. Fash, chief executive officer of IMS HEALTH, has joined the
Board of Directors of TriZetto. IMS HEALTH is the world's leading provider of
information solutions to the pharmaceutical and healthcare industries. TriZetto
is a leading provider of Internet-enabled application services and e-business
platforms for the healthcare industry. Erisco is one of the leading information
technology companies serving healthcare payer organizations in the United
States.
"The addition of Erisco to TriZetto's range of offerings increases our
leadership position in e-health. TriZetto's unique ability to offer its
pre-integrated solutions from multiple vendors continues
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to differentiate TriZetto's value to the healthcare industry," said Jeffrey H.
Margolis, TriZetto's chairman and CEO. "Erisco's leading market share in the
payer space, serving over 70 million lives, is of tremendous importance to
TriZetto's future. The inherent synergies between TriZetto and Erisco have
yielded pre-integrated products and services that have already produced
speed-to-market and wins for TriZetto, and we expect more to follow in the near
term."
IMS HEALTH has entered into key agreements as part of its strategic
alliance with TriZetto, including the licensing of TriZetto's HealthWeb(R)
Internet Platform; a data rights agreement under which TriZetto will supply
physician and managed care information to IMS HEALTH for integration into new
IMS HEALTH products and services; and an agreement for TriZetto to serve as a
preferred ASP provider to IMS HEALTH.
"The divestiture of Erisco is the final step in our strategy which began
in 1994, making IMS HEALTH a pure-play healthcare information company," said
Fash. "The strategic alliance with TriZetto provides access to data sources
which will enable IMS to develop new, innovative products."
"This combination allows us to enhance TriZetto's already outstanding
reputation for healthcare payer expertise, with the market-leading business
solutions and distinguished track record of Erisco," said Anthony Bellomo,
president of Erisco. "We strongly believe that while many managed care payer
organizations will continue to license our software products, there will be a
number of organizations that will benefit by using Facets(R) on an ASP basis,
and we expect many of our customers to be immediately interested in the tight
integration of our Facts and Facets products with TriZetto's HealthWeb(R)
Internet technology."
ABOUT IMS HEALTH
IMS HEALTH is the world's leading provider of information solutions to the
pharmaceutical and healthcare industries. With $1.1 billion in 1999 revenue, IMS
HEALTH operates in over 100 countries. IMS HEALTH is the largest pharmaceutical
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manufacturer information partner, with over 40 years' experience in the
industry. Key products and services integral to customer day-to-day operations
include market research for prescription and over-the-counter pharmaceutical
products and sales management information to optimize sales force productivity.
Additional information is available at http://www.imshealth.com.
ABOUT TRIZETTO
The TriZetto Group, Inc. is a leading provider of vertical,
Internet-enabled application services and e-business platforms for the
healthcare industry. As an application services provider, TriZetto hosts
software for a predictable monthly fee, saving customers significant time, money
and frustration. HealthWeb(R), its e-business platform, assists healthcare
administrators and professionals in performing their routine tasks and
facilitates information exchange and e-commerce among all key healthcare
participants: providers, health plans and employers and health-plan members.
Additional information is available at http://www.trizetto.com.
ABOUT ERISCO
Erisco Managed Care Technologies is one of the leading companies serving
healthcare payer organizations in the United States. Erisco's systems serve
managed care organizations, managed indemnity carriers, Blue Cross Blue Shield
organizations and third-party administrators, administering over 70 million
lives globally at more than 124 payer organizations. Prior to this transaction,
Erisco was an IMS HEALTH company. Additional information is available at
http://www.erisco.com.
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October 2, 2000
This press release includes statements which may constitute forward-looking
statements made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Although IMS HEALTH believes the expectations
contained in such forward-looking statements are reasonable, it can give no
assurance that such expectations will prove correct. This information may
involve risks and uncertainties that could cause actual results of IMS HEALTH to
differ materially from the forward-looking statements. Factors which could cause
or contribute to
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such differences include, but are not limited to (i) the risks associated with
operating on a global basis, including fluctuations in the value of foreign
currencies relative to the U.S. dollar, and the ability to successfully hedge
such risks, (ii) to the extent IMS HEALTH seeks growth through acquisitions and
joint ventures, the ability to identify, consummate and integrate acquisitions
and ventures on satisfactory terms, (iii) the ability to develop new or advanced
technologies and systems for its businesses on time and on a cost-effective
basis, (iv) regulatory, legislative and enforcement initiatives, particularly in
the areas of medical privacy and tax, and (v) deterioration in economic
conditions, particularly in the pharmaceutical, healthcare or other industries
in which IMS HEALTH's customers operate. Additional information on factors that
may affect the business and financial results of the Company can be found in
filings of the Company made from time to time with the Securities and Exchange
Commission.
This press release may contain forward-looking statements that involve risks and
uncertainties. The forward-looking statements are made pursuant to the Safe
Harbor provisions of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements may include statements about future net revenues,
profits, and financial results, the market for TriZetto's services, future
service offerings, client and partner relationships, and TriZetto's operational
capabilities. Actual results may differ materially from those stated in any
forward-looking statements based on a number of factors, including the
effectiveness of TriZetto's implementation of its business plan, the market's
acceptance of TriZetto's services, risks associated with management of growth,
reliance on third parties to supply key components of TriZetto's services,
attraction and retention of employees, variability of quarterly operating
results, competitive factors, risks associated with acquisitions, changes in
demand for third party products or solutions, which form the basis of TriZetto's
service offerings, and risks associated with rapidly changing technology, as
well as the other risks identified in TriZetto's SEC filings.
