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Tuesday, August 19, 2014

Apax seeks $3 billion sale of healthcare IT firm TriZetto -sources, (NASDAQ: CTSH), (NYSE: JPM)

Private equity firm Apax Partners LLP is exploring a sale of U.S. healthcare information technology company TriZetto Corp, hoping to fetch as much as $3 billion including debt, according to people familiar with the matter. London-based Apax has hired investment bank JPMorgan Chase & Co to run an auction for TriZetto, a software vendor to the U.S. health insurance industry, the people said this week.TriZetto will target other companies in its sector as potential buyers, such as information technology consulting company Cognizant Technology Solutions Corp, although private equity firms are also expected to weigh offers, some of the people added.TriZetto had 12-month earnings before interest, tax, depreciation and amortization of more than $190 million as of June 30, one of the sources added.The sources asked not to be named because the matter is not public. Apax and TriZetto failed to comment while JPMorgan and Cognizant representatives did not immediately respond to requests for comment.

Cognizant Technology Solutions Corporation (Cognizant) is a provider of custom information technology, consulting and business process outsourcing services. Shares of CTSH traded higher by 1.81% or $0.82/share to $46.09. In the past year, the shares have traded as low as $35.00 and as high as $54.00. On average, 4364780 shares of CTSH exchange hands on a given day and today's volume is recorded at 1485687.

JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM traded higher by 0.65% or $0.3699/share to $57.60. In the past year, the shares have traded as low as $50.06 and as high as $61.48. On average, 13173300 shares of JPM exchange hands on a given day and today's volume is recorded at 2346695.



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