Reston-based Maximus acquires Ascend
- March 1, 2016
Reston-based Maximus, a worldwide provider of government services, has completed the acquisition of Tennessee-based Ascend, which offers specialized health assessments and data management tools to government agencies in the U.S.
Financial terms of the deal were not disclosed.
Founded in 1998 and based in Franklin, Tenn., Ascend offers assessment services to assist agencies in determining the most appropriate placement and health care services needs for program beneficiaries.
Maximus describes Ascend as a pioneer in serving individuals with intellectual and developmental disabilities, behavioral health diagnoses, and complex physical or medical conditions.
“This acquisition broadens our ability to help our government clients deal with the rising demand for long-term care services,” Richard A. Montoni, Maximus’ CEO, said in a statement.
Founded in 1975, Maximus has more than 16,000 employees working with government agencies in the U.S., Australia, Canada, New Zealand, Saudi Arabia and the United Kingdom.
It provides business process management and technology solutions aimed at achieving improved outcomes for citizens and higher levels of productivity, accuracy, accountability and efficiency for government-sponsored programs.
The Ascend deal closed on Monday. Excluding transaction costs, Maximus expects that Ascend will contribute about $13 million in revenue and that it will have a neutral effect on earnings for the remainder of its fiscal year, which ends Sept. 30.
Maximus is maintaining its fiscal year 2016 guidance, with revenue ranging from $2.4 billion to $2.5 billion and diluted earnings per share ranging from $2.40 to $2.70.