Bethesda-based Lockheed Martin Corporation (NYSE: LMT) has signed an agreement with the intent to acquire QTC Holdings Inc -- a health care federal contractor.
The Diamond Bar, California company is the largest service provider of medical evaluations. QTC's clients include the U.S. Department of Veterans Affairs (VA). The company processed more than 450,000 evaluations for the department in 2010.
“Lockheed Martin’s experience and leadership in government IT and services provides QTC with new opportunities to improve the efficiency of health care services to our customer base,” QTC CEO Marjie Shahani said. “We are at the front-end of a transformation toward more effective, timely and high-quality health care delivery using information technology to support our nation’s active duty military, reserves, veterans and civilian government personnel.”
Terms of the purchase were not disclosed.
Lockheed Martin expects the transaction to be complete before the end of the year. The move to purchase QTC Holdings Inc will allow Lockheed Martin to further diversify its services by expanding its health care information technology offerings.
“QTC’s IT-enabled case management services and health care expertise complement our core capabilities in addressing the needs of the Department of Defense, VA and other government agencies,” Lockheed Martin Chairman and CEO Bob Stevens stated. “QTC aligns with our IT expertise and adjacent market growth strategy and will be a natural fit within our Information Systems & Global Solutions business.”