LOUISVILLE, Ky. (WDRB) --  ZirMed, the Louisville-based healthcare information technology company, will merge with competitor Navicure, of Duluth, Georgia, the firms announced Thursday.

Terms of the deal were not disclosed. Both companies are privately owned.

Reuters reported Wednesday that Navicure would acquire ZirMed for about $750 million.

Founded in 1999, ZirMed helps hospitals and doctors’ practices with their billing and payments – referred to in the industry as revenue cycle management – with Internet-based software.

The company built its 9-story headquarters tower at 888 W. Market Street in downtown Louisville in 2009.

ZirMed has about 420 employees in Louisville, according to a state database.

The combined company will “maintain its existing locations and teams” and continue to operate under both the ZirMed and Navicure brands, according to a press release.

“We expect a smooth transition as we combine these two revenue cycle platform leaders and maintain our shared commitments to our clients, partners and employees,” ZirMed Chairman and CEO Tom Butts said in the press release.

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