Fortis Corp. of Irvine, which provides case management services to the medical insurance claims industry, has acquired a Virginia company that does business in 12 mid-Atlantic and Southeastern states and the District of Columbia.
Fortis, a privately held company, did not disclose the terms of its purchase of VPS Case Management Services Inc. VPS, based in Glen Allen, Va., last year had revenues of $4.5 million.
Fortis is a wholly owned subsidiary of Minneapolis-based North Star Universal Inc., which provides start-up capital and organizational expertise to new enterprises that it later spins out as public companies.
Gordon Clemons, the president and chief executive officer of Fortis, said Fortis was formed through a series of acquisitions over the last two years.
As a result of these accumulated acquisitions, Clemons said he expects Fortis to generate revenues of about $20 million in 1989.