Hearst Corporation announced the acquisition of an 80 percent stake in KUBRA Data Transfer Ltd., a leading provider of digital bill delivery and payment services with offices across North America. The investment puts Hearst in a leading position to provide services to a wide range of clients in the utility, insurance, financial services, healthcare and government industries. Hearst Corporation President & CEO Steven R. Swartz and KUBRA President & CEO Rick Watkin made the joint announcement. Financial terms were not disclosed.
KUBRA manages solutions for more than 500 clients, interacting with 50 million customer relationships with more than $350 billion in annual payments. It serves three of the five largest U.S. utility companies and two of the top 10 insurance companies. Founded in 1992, the company is actively focused on developing additional industry segments such as major property and casualty insurance providers, and state and local governments. KUBRA will operate as an independent unit of Hearst Magazines, and will work closely with CDS Global, another independent Hearst company, based in Des Moines, Iowa. For 40 years, CDS Global has been a leading provider of end-to-end business process outsourcing for more than 1,100 marquee brands across industries, including media, nonprofits and consumer products. Watkin will report to Hearst Magazines President David Carey.
Market-leading B-to-B companies have long been a strategic focus for Hearst Corporation, which operates more than 20 businesses across the medical/pharmaceutical, automotive, electronic and finance industries. Among its core competencies is the aggregation of time-sensitive price, product and technical information that is integrated into business and professional processes.
KUBRA (www.kubra.com) provides customer interaction management solutions to some of the largest utility, insurance, government, financial services, healthcare and communication companies across North America. Our portfolio of integrated multi-channel outsource solutions include document print and mailing, e-billing and self-service, document management and payment solutions. With over 500 clients and 1 billion customer interactions annually KUBRA enables innovative performance-driven value to its clients every day.
Source: Hearst Corporation