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Slide #55. Providence Service Corporation — Ingeus Limited
Providence Service Corporation (PRSC)
The Providence Service Corporation (Nasdaq: PRSC), a leader in the management and provision of human social services and non-emergency transportation through a variety of government-sponsored programs, announced today that it has entered into an agreement to acquire Ingeus Limited. Australia-based Ingeus has operations in 10 countries and four continents and is recognized as a pre-eminent distributed workforce development company and market leader in outsourced employability programs, operating in the social improvement, employment and welfare services markets. The acquisition expands Providence's footprint into new markets, diversifies its customer base, and enhances its workforce development expertise.
Providence Service manages non-emergency medical transportation (NET) programs for state governments and managed care organizations (MCOs) in the U.S. through its subsidiaries, LogistiCare Solutions LLC and Circulation, Inc. Co.'s NET Services segment provides non-emergency transportation solutions to clients, including health systems, in various states and the District of Columbia. NET Services primarily contracts with state Medicaid programs and MCOs, including Medicare Advantage plans, for the coordination of their members' non-emergency transportation needs. Through its nvestment in CCHN Group Holdings, Inc. and its subsidiaries, Co. provides assessment and care management services.
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Strong Buy (4.00 out of 4)