Alliance HealthCard announces plans to merge with Access Plans USA

BY DEBBIE BLOSSOM Comments 0
Published: November 18, 2008

A national designer and marketer of consumer discount services that moved its headquarters to Oklahoma this summer has announced it will acquire a company that develops and distributes discounted health-related services.

Alliance HealthCard Inc., now based in Norman, has signed an agreement to merge with Irving, Texas-based Access Plans USA Inc.

The stock-purchase deal is expected to close early next year, contingent on approval by Access Plans’ shareholders.

At closing, Alliance will issue up to 7.25 million shares of its common stock to Access Plans shareholders, said Danny Wright, Alliance HealthCard’s chief executive officer and chairman.

Alliance will be the parent company, Wright said, and Access Plans will operate as a subsidiary and retain its Texas location.

History of discounts

Alliance HealthCard, which was based in Atlanta, started in 1998 providing discount health programs including physician visits, hospital stays, chiropractics, vision, dental, pharmacy, hearing and patient advocacy.

In 2007, the company merged with Benefit Marketing Solutions in Norman, expanding into programs offering discount savings on dining and entertainment, automotive, legal and financial services, along with insurance programs for leased property replacement and involuntary unemployment.

Wright, formerly with Benefit Marketing, will be chief executive of the combined companies.

Access Plans USA offers health insurance products to individuals and families and non-insurance health care discount programs for the uninsured or underinsured.

Winning combination?

The acquisition brings together two similar companies and will expand the combined company’s market share. The combined companies employ about 100 people.

Access "will bring $40 million in revenues to our operation,” Wright said.

The merger will provide additional funding for growth and revenue, said Ian Stuart, Access Plans’ interim chief executive.