Expands Financial Security Company's Service Offerings to Senior Market
RICHMOND, Va., May 29 /PRNewswire-FirstCall/ -- Genworth Financial, Inc. (NYSE: GNW) announced today that it has entered into an agreement to acquire CareScout, a leading provider of long term care support services in the United States, for $12.5 million.
"This acquisition strengthens Genworth's commitment to the senior market and supports our vision of delivering financial security to consumers," said Buck Stinson, president of Genworth Financial's Long Term Care Insurance business. "This acquisition continues our efforts to extend our service offering beyond traditional insurance solutions." In addition, integrating this long-time supplier into its Long Term Care business allows Genworth to leverage the competencies and efficiencies of both organizations to realize cost savings.
CareScout is a privately held firm headquartered in Wellesley, Massachusetts, and a Genworth vendor for the past 10 years. The company is dedicated to helping Americans make informed, intelligent eldercare decisions. CareScout has connected thousands of families to appropriate providers through their extensive data on nursing homes, assisted living facilities and home care agencies. In addition to their proprietary facility rating system, CareScout delivers decision-making tools and care coordination services including in-home assessments, plan of care development and ongoing care coordination to ensure consumers receive appropriate care and services as their needs change.
"Our vision has always been to deliver our care support services to the millions of Americans who face the need to plan for, and find, long term care," said Robert N. Bua, president and founder of CareScout. "For the past 10 years, CareScout has experienced great growth. Now by joining with Genworth, a leader and innovator in long term care, we will have the opportunity to significantly expand our reach to the broader marketplace and help solve the long term care issues we face in the U.S."
The transaction is expected to close in June.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading public Fortune 500 global financial security company. Genworth has $114 billion in assets and employs approximately 7,000 people in 25 countries. Its products and services help meet the investment, protection, retirement and lifestyle needs of over 15 million customers. Genworth operates through three segments: Retirement and Protection, International and U.S. Mortgage Insurance. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. For more information, visit genworth.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will," or words of similar meaning and include, but are not limited to, statements regarding the outlook for the company's future business and financial performance. Forward-looking statements are based on management's current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially due to global political, economic, business, competitive, market, regulatory and other factors. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.
|SOURCE Genworth Financial, Inc.|
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