SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT FORM
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
FEBRUARY 26, 1996
IDEON GROUP, INC.
(Exact name of registrant as specified in charter).
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DELAWARE 1-11465 59-3293212
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
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7596 CENTURION PARKWAY, JACKSONVILLE, FLORIDA 32256
(Address of principal executive offices) (zip code)
Registrant's telephone number,
including area code: (904) 218-1800
N/A
(Former name or former address, if changed since last report).
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Item 2. Acquisition of Assets.
Reference is made to Registrant's press release filed as an exhibit to this
Form 8-K.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
(20) Press Release dated February 20, 1996.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
IDEON GROUP, INC.
By: /s/ G. Thomas Frankland
Name: G. Thomas Frankland
Title: Vice Chairman and
Chief Financial Officer
February 26, 1996
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CONTACT: Bill Lackey FOR IMMEDIATE RELEASE
(904) 218-1836 Moved on Business Wire
February 20, 1996
SAFECARD SERVICES COMPLETES
PURCHASE OF UNITED BANK SERVICES
JACKSONVILLE, FL.--Ideon Group, Inc., (NYSE:IQ) today announced that its
SafeCard Services subsidiary has completed the previously announced acquisition
of United Bank Services (UBS), a leading provider of value added products and
services through a diverse group of financial institutions. Terms of the
acquisition included $18 million in cash and up to $12 million over the next
three years in additional consideration based on performance and the fulfillment
of certain conditions. Additionally, the sellers are eligible to receive 50% of
the first three years' profit (not to exceed $10 million) of an international
joint venture.
UBS, headquartered in Norman, OK, with 1995 revenues of approximately $12
million, provides innovative products and services to several million customers
through financial institutions. The wide range of products and services offered
include insurance, travel related services, membership programs, and merchant
and reward/loyalty marketing programs. CardMiles, which Money Magazine
designated as one of the industry's best enhancement products, is representative
of their offerings. The acquisition is not expected to materially impact Ideon's
earnings in 1996.
-more-
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"UBS is a very attractive addition to the SafeCard Services spectrum of
membership based products. In addition, the current management team complements
our organization and opens new channels of distribution that are expected to
enhance our ability to grow in both existing as well as new markets," said
Robert M. Frechette, president of SafeCard.
Ideon Group, Inc. is a holding company that leverages information
technology, targeted marketing and customer service through its operating units:
SafeCard Services, Wright Express and National Leisure Group.
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