What You Ought to Know:
Hellman & Friendman LLC and Bain Capital purchase well being IT firm athenahealth for $17 billion {dollars}.
Personal Fairness companies Bain Capital and Hellman & Friedman LLC has introduced it has acquired athenahealth, a cloud-based enterprise software program resolution for medical teams and well being techniques for $17B. In September, it was reported PE agency Veritas Capital and hedge fund Elliot Funding had been exploring choices to promote athenahealth for $20B or file for an preliminary public providing (IPO).
Monetary Particulars
Along with Hellman & Friedman, Bain Capital Personal Fairness, and Bain Capital Tech Alternatives, the investor group contains Veritas Capital and Evergreen Coast Capital, which is able to every retain a minority funding in athenahealth, in addition to different new co-investors, together with GIC, Singapore’s sovereign wealth fund, and a wholly-owned subsidiary of the Abu Dhabi Funding Authority (ADIA).
The $17B funding is anticipated to be accomplished within the first quarter of 2022 and is topic to regulatory approvals and customary closing circumstances.
athenahealth Market Footprint
athenahealth companions with greater than 140,000 ambulatory care suppliers, all through all 50 states and throughout greater than 120 specialties, to speed up the tempo of healthcare innovation and help the supply of main medical and monetary outcomes. athenahealth’s options and companies allow its clients to extend medical effectivity, optimize monetary efficiency, enhance affected person care outcomes, and help suppliers in accelerating their shift towards value-based care.
Given our deep expertise in software program and healthcare, we’re excited to work with Bob and the manager staff to quickly scale the enterprise and proceed to innovate and develop alongside our most disruptive and modern ambulatory care shoppers to construct the foundations of a multi-sided digital care community between affected person, payer, and supplier,” mentioned Allen Thorpe, associate at Hellman & Friedman. “athenahealth’s know-how management has differentiated the Firm as a subsequent era cloud-based SaaS know-how platform, facilitating innovation in a quickly evolving and dynamic market,” added Sameer Narang, associate at Hellman & Friedman.
“athenahealth is on the frontier of digital well being in the US, enhancing the medical high quality, operational effectivity, and supply of preventive care to just about 20% of the inhabitants at present, unlocking the entrance door of the patron healthcare journey and positioning the Firm to help physicians within the persevering with shift in the direction of value-based care,” mentioned Devin O’Reilly, a managing director at Bain Capital Personal Fairness. “We’re excited to leverage our intensive vertical software program and healthcare expertise to assist Bob and the administration staff speed up development, develop new merchandise, achieve market share, and proceed to innovate in a extremely scalable and vitally essential finish market,” added David Humphrey, a managing director at Bain Capital Personal Fairness.