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INTERNATIONAL BUSINESS MACHINES CORPORAT

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International Business Machines : IBM to Pay Nearly $15 Million for Issues Tied to Maryland's Health Exchange - Update

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06/14/2019 | 03:06pm EDT

By Patrick Thomas

International Business Machines Corp. (IBM) has agreed to pay $14.8 million to settle allegations regarding misrepresentations made about software capabilities and other technical issues that hurt the Maryland online health exchange.

Federal prosecutors said Friday that IBM and its unit, Curam Software Ltd., provided software and services as a subcontractor on a project to develop the Maryland Health Benefit Exchange, a platform built to help individuals and small businesses shop for medical insurance.

In 2014, the state of Maryland cited problems with software from Curam, an Irish company that IBM acquired in 2011, used to determine consumers' eligibility for Medicaid and premium tax credits for private insurance. Some consumers' applications for coverage were lost or suspended in Curam's system, said Joshua Sharfstein, Maryland's secretary of health and mental hygiene back in 2014.

The settlement resolves misrepresentations allegedly made by during the bidding process regarding the development status of Curam's software, and its ability to meet the state's technical requirements, such as addressing life events and calculating tax credits, the Justice Department said Friday. Prosecutors said repeated problems followed the launch of the exchange website in October 2013.

An IBM spokesman said the company denies the government's claims of wrongdoing. "We have agreed to the settlement to avoid further delay and the expense of protracted litigation in this six-year dispute," he said.

The Justice Department said the settlement was reached without a determination of liability.

The primary contractor hired to build the health exchange website, Fargo, N.D.-based Noridian Healthcare Solutions LLC, settled with the state for about $45 million for its role in the botched rollout.

Write to Patrick Thomas at patrick.thomas@wsj.com

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Financials (USD)
Sales 2019 77 002 M
EBIT 2019 13 509 M
Net income 2019 11 014 M
Debt 2019 25 800 M
Yield 2019 4,33%
P/E ratio 2019 12,1x
P/E ratio 2020 11,6x
EV / Sales2019 2,06x
EV / Sales2020 2,12x
Capitalization 133 B
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Mean consensus HOLD
Number of Analysts 23
Average target price 151,22  $
Last Close Price 149,68  $
Spread / Highest target 15,6%
Spread / Average Target 1,03%
Spread / Lowest Target -23,2%
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Managers
NameTitle
Virginia M. Rometty Chairman, President & Chief Executive Officer
James J. Kavanaugh Chief Financial Officer & Senior Vice President
John E. Kelly Senior VP-Cognitive Solutions & Research
Martin Jetter SVP-Global Technology Services
Sidney Taurel Independent Director
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