CHICAGO, March 19 /PRNewswire-FirstCall/ -- Aon Corporation today announced it has completed the acquisition of Valley Oak Systems of San Ramon, California. The terms of the transaction were not disclosed.
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Valley Oak Systems (VOS), a leader in claims management software, services, and support for the insurance industry, will operate under the Aon eSolutions Group as an independent subsidiary. Its flagship product, iVOS, the "one-system" claims management solution, will integrate with RiskConsole, Aon's risk management information system (RMIS), to share information and provide a comprehensive analysis of claims, policy, and exposure data.
"We selected Valley Oak Systems due to our similar business philosophies and the strategic fit of our market-leading systems," said Greg Case, Aon president and chief executive officer. "Our mutual focus on delivering service, expertise, and business value will enable a synchronized effort toward building a comprehensive RMIS that offers a 360-degree view of risk and cost-containment at the individual claims level."
eSolutions' Managing Director Kathy Burns said, "Independently, Valley Oak Systems and Aon eSolutions will continue to operate as the leading providers in their respective markets, but together we'll provide an integrated offering that addresses a currently overlooked need in the market -- the need for an end-to-end, browser-based solution that manages complex claims and controls the total cost of risk. This combined iVOS and RiskConsole suite will be the only solution of its kind in the global market."
Randy Wheeler, founder and chief executive officer of Valley Oak Systems, said, "The acquisition will expand our capabilities in meeting the needs of our existing client base, by offering Aon's risk management expertise and systems. At the same time, we plan to leverage Aon's premier distribution network and existing relationships with insurance carriers and TPAs to accelerate our growth, globalize the iVOS solution, and explore ongoing synergies between our organizations."
About Aon
Aon Corporation ( http://www.aon.com/ ) is a leading provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. There are 43,000 employees working in Aon's 500 offices in more than 120 countries. Backed by broad resources, industry knowledge and technical expertise, Aon professionals help a wide range of clients develop effective risk management and workforce productivity solutions.
About Valley Oak Systems, Inc.
Founded in 1994, Valley Oak Systems ( http://www.valleyoak.com/ ) provides high quality software that enables its clients to achieve outstanding claims management performance. Due to its client-focused approach, Valley Oak Systems has established itself as an industry leader, and its iVOS claims system has been recognized for its business impact with the 2006 IASA Technology Achievement Award.
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This press release contains certain statements related to future results, or states our intentions, beliefs and expectations or predictions for the future which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results depending on a variety of factors. Potential factors that could impact results include: general economic conditions in different countries in which we do business around the world, changes in global equity and fixed income markets that could affect the return on invested assets, fluctuations in exchange and interest rates that could influence revenue and expense, rating agency actions that could affect our ability to borrow funds, funding of our various pension plans, changes in the competitive environment, our ability to implement restructuring initiatives and other initiatives intended to yield cost savings, our ability to execute the stock repurchase program, our ability to obtain regulatory or legislative changes to permit continuous sales of our supplemental Medicare health product, changes in commercial property and casualty markets and commercial premium rates that could impact revenues, changes in revenues and earnings due to the elimination of contingent commissions, other uncertainties surrounding a new compensation model, the impact of investigations brought by state attorneys general, state insurance regulators, federal prosecutors, and federal regulators, the impact of class actions and individual lawsuits including client class actions, securities class actions, derivative actions, ERISA class actions, the impact of the analysis of practices relating to stock options, the cost of resolution of other contingent liabilities and loss contingencies, and the difference in ultimate paid claims in our underwriting companies from actuarial estimates. Further information concerning the Company and its business, including factors that potentially could materially affect the Company's financial results, is contained in the Company's filings with the Securities and Exchange Commission.
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