MultiPlan Corporation (NYSE: MPLN), a leading provider of technology and data-enabled cost management, payment, and revenue integrity solutions to the US healthcare industry, announced that it has acquired Benefits Science LLC, a next-generation data and advanced analytics company that combines modern data science, including machine learning and artificial intelligence, with deep expertise in healthcare to deliver solutions that reduce the cost of care and improve health outcomes. Under the transaction agreement, MultiPlan will pay consideration of US$160 million, comprising US$140.8 million in cash and 21.6 million shares of MultiPlan common stock to acquire BST. Additionally, MultiPlan will establish a long-term incentive and retention program pursuant to which BST’s management team is eligible to receive target payments of up to US$66 million over three to five years, subject to ongoing service to MultiPlan and to adjustments based on performance relative to annual recurring revenue targets.
Latham & Watkins LLP advised Benefits Science in the transaction with a Boston-based corporate deal team led by partner Spencer Ricks, with counsel Stefanie Vincent and associate Gen Crescenzo. Advice was also provided on tax matters by Chicago partner Rene de Vera; on intellectual property matters by Boston partner Sarah Gagan; on data privacy matters by Bay Area partner Heather Deixler, with associate Jack Chai; on benefits and compensation matters by New York partner Austin Ozawa, with associate Victoria Wolfe; and on capital markets matters by Boston partner Jennifer Yoon.