Updated: Friday, February 9, 2018, 12:54 PM
Genex Services, a 2,900-person, Wayne-based company that sells case management, bill review, exam, and other cost-containment services and Medicare and Social Security representation to workers’ compensation, disability, and auto insurers, says it has been re-acquired by Stone Point Capital LLC, from private-equity investor Apax Funds, for an undisclosed sum.
Apax had purchased Genex from Stone Point in 2007, and enlarged it with the purchase of Cigna Inc.’s competing Intracorp division, which employed around 900 in Center City, Blue Bell, and other locations, in 2010. While Apax “allowed us to significantly expand” sales offerings, Stone Point, which is based in Connecticut, has committed to continued growth, Genex chief executive Peter Madeja said in a statement.
“We are thrilled to be partnering with Peter and the Genex team again to further their continued expansion,” Stone Point CEO Chuck Davis said in a statement. Stone Point says it has invested $19 billion for clients through its Trident buyout and investment funds, in credit card payment processor First Data, Alliant Insurance Services, and dozens of other companies. Apax says it has invested $51 billion since the 1980s in Bankrate (consumer information), ThoughtWorks (IT consulting), Garda (cash trucks), Cole Haan (shoes), and scores of others.