Brown & Brown (BRO) has acquired all of the shares of Remedy Analytics. The financial terms of the deal have been kept under wraps.
Markedly, shares of the provider of insurance and reinsurance products and federal program services have gained 38% over the past year. (See BRO stock charts on TipRanks)
Founded in 2011, Remedy Analytics is known for its proprietary PharmaLogic data-based medication platform that offers pharmacy consulting services to clients across the United States.
The addition of Remedy Analytics is a great strategic fit and will enhance Brown & Brown’s existing capabilities, helping beat customer expectations and improve the deliverables.
Upon completion, the Remedy Analytics business will operate within Brown & Brown’s Retail segment. It will continue to operate from its location in Milwaukee, Wisconsin under the leadership of current COO, Jennifer Hill. Current CEO Scott L. Martin will continue to support the business as a consultant.
P. Barrett Brown, President at Brown & Brown’s Retail segment, commented, “Remedy Analytics has built their business around using technology to deliver meaningful cost savings for large employers, and we are excited to leverage their platform and capabilities to better serve our customers.”
He further added, “We also believe access to Brown & Brown’s resources and product offerings will enable Remedy Analytics to deliver even more value to the employers they serve.”
Morgan Stanley analyst Michael Phillips recently increased the price target on Brown & Brown to $60.00 (6.3% downside potential) from $56.00 and reiterated a Hold rating.
Consensus among analysts is a Moderate Buy based on 2 Buys and 4 Holds. The average Brown & Brown price target of $59.50 implies 7.1% downside potential from current levels.
TipRanks data shows that financial blogger opinions are 100% Bullish on BRO, compared to a sector average of 71%.
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