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JP MORGAN CHASE & COMPANY

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JP Morgan Chase mpany : JPMorgan buys healthcare payments specialist InstaMed

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05/17/2019 | 11:46am EDT

JPMorgan Chase & Co. entered an agreement to buy InstaMed, a technology firm specializing in healthcare payments.

The bank is reportedlypaying more than $500 million for the company, however a spokesman said via email that he was not authorized to comment on the amount.

The InstaMed platform is used to help reduce paperwork, reduce the cost of collection and improve the consumer finance experience. JPMorgan Chase said the acquisition will expand its suite of payment services aimed at providers, payers and healthcare consumers.

"We've made significant investment in our wholesale payments business over the years and this acquisition will give us a unique advantage in one of the fastest growing sectors," Takis Georgakopoulos, global head of wholesale payments at JPMorgan Chase.

Officials noted that the $3 trillionU.S. healthcare payments system is plagued with inefficiency, transaction friction and related issues that impact claims processing, payment collection and reconciliation.

 

Copyright © 2019 Networld Media. All rights reserved., source Industry News

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Financials ($)
Sales 2019 116 B
EBIT 2019 47 205 M
Net income 2019 32 484 M
Debt 2019 -
Yield 2019 3,11%
P/E ratio 2019 10,90
P/E ratio 2020 10,32
Capi. / Sales 2019 3,06x
Capi. / Sales 2020 2,99x
Capitalization 354 B
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Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 117 $
Spread / Average Target 7,3%
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Managers
NameTitle
James Dimon Chairman & Chief Executive Officer
Gordon A. Smith Co-President & Co-Chief Operating Officer
Daniel E. Pinto Co-President & Co-Chief Operating Officer
Yan Tavrovsky President & Chairman-Management Board
Marianne Lake Chief Financial Officer & Executive Vice President
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