Cognosante and Business Information Technology Solutions (BITS) announced today that Cognosante has acquired BITS, a rapidly growing provider of IT services and solutions to the U.S. Department of Veterans Affairs (VA) and the U.S. Department of Defense (DoD)…
“This acquisition represents a critical component of our growth strategy,” says Michele Kang, founder and CEO of Cognosante. “Both companies were founded with the same passion and vision to think differently and bring true innovation to our large, complex public health programs. Expanding upon Cognosante’s initial focus on Medicare, Medicaid, and Marketplace, the combined company now serves a wider spectrum of the public health sector, which touches more than 150 million lives in the country.”
”We are extremely excited about merging with the right partner that will take our joint capabilities to the next level in support of our clients’ transformational initiatives,” says Dan McQuay, founder and CEO of BITS. “Since inception, our focus has been on making a difference for our clients—those who are serving and have served—and our employees, many of whom are Veterans. We have found that same intense emphasis and spirit in Cognosante.”
BITS will become a wholly owned subsidiary of Cognosante, and will be known as BITS, A Cognosante Company. Its founder and CEO, Dan McQuay, will continue in his role and title. Cognosante funded the acquisition through an expanded line of credit provided by Capital One and Bank of America Merrill Lynch. Terms were not disclosed.
An Infographic that details how Cognosante and BITS are BETTER TOGETHER is shown to the right (click to see a larger version).