Veritas Capital Completes Acquisition of athenahealth
athenahealth, Inc., a leading provider of network-enabled services for hospital and ambulatory customers nationwide, announced today that it has completed its previously announced sale to an affiliate of Veritas Capital (Veritas) and Evergreen Coast Capital (Evergreen) for approximately $5.7 billion in cash.
athenahealth, Inc., a leading provider of network-enabled services for
hospital and ambulatory customers nationwide, announced today that it
has completed its previously announced sale to an affiliate of Veritas
Capital (“Veritas”) and Evergreen Coast Capital (“Evergreen”) for
approximately $5.7 billion in cash.
Virence Health (“Virence”), the former GE Healthcare Value-based Care
assets that Veritas acquired in 2018, will combine with athenahealth
under the athenahealth name and brand. The combined company will be led
by Virence Chairman and Chief Executive Officer Bob Segert and an
executive leadership team comprised of executives from both companies,
and will be headquartered on the athenahealth campus in Watertown,
Massachusetts. As part of the transaction, Virence's Workforce
Management business becomes a separate Veritas portfolio company under
the API Healthcare brand.
“The combination of athenahealth and Virence brings together two
innovative companies with complementary expertise and a shared focus and
passion for improving healthcare outcomes. With a network of over
160,000 providers, the combined company is positioned for future growth
and new market opportunities and has the necessary scale to make a
transformational impact in the healthcare industry,” said Ramzi
Musallam, CEO and Managing Partner of Veritas Capital. “We look forward
to leveraging our experience in healthcare IT to support Bob Segert and
the leadership team in their mission to help clients succeed.”
Bob Segert, Chairman and CEO of the combined company, said:
“athenahealth is one of the most unique and valuable assets in
healthcare – with industry-leading solutions and a vision and model for
delivering financial and clinical results for providers. By combining
our companies’ cultures, solutions and teams, we have an opportunity to
accelerate that vision, achieving a scale that will allow us to unlock
new value for all of our customers. Today marks the first step in our
new journey as a united team, and we are more committed than ever to
investing in innovation, delivering a superior customer experience, and
continuing our collective mission to transform healthcare.”
Evergreen Managing Director Isaac Kim said, “We are pleased to have
completed this transaction along with our partners at Veritas. The
combination of athenahealth and Virence creates an industry leader
poised to drive the future of healthcare IT.”
The transaction was announced on November 12, 2018 and received approval
from athenahealth shareholders on February 7, 2019. As a result of the
completion of the transaction, shares of athenahealth common stock will
be removed from listing on Nasdaq, with trading in athenahealth shares
to be suspended following the closing of business today.
About athenahealth, Inc.
athenahealth partners with hospital and ambulatory customers to drive
clinical and financial results. We offer medical record, revenue cycle,
patient engagement, care coordination, and population health services.
We combine insights from our network of more than 120,000 providers and
approximately 117 million patients with deep industry knowledge and
perform administrative work at scale. For more information, please visit www.athenahealth.com.
About Virence Health
Virence Health Technologies is a leading software provider that
leverages technology and analytics to help healthcare providers across
the continuum of care effectively manage their financial, clinical, and
human capital workflows. Offering a comprehensive suite of innovative
technology-enabled solutions, Virence aims to improve quality, increase
efficiency, and reduce waste in the healthcare industry. Learn more at www.virencehealth.com.
About Veritas Capital
Veritas Capital is a leading private equity firm that invests in
companies that provide critical products and services, primarily
technology and technology-enabled solutions, to government and
commercial customers worldwide, including those operating in the
aerospace & defense, healthcare, software, national security,
communications, energy, government services and education industries.
Veritas seeks to create value by strategically transforming the
companies in which it invests through organic and inorganic means. For
more information on Veritas Capital and its current and past
investments, visit www.veritascapital.com.
About Elliott and Evergreen Coast Capital
Elliott Management Corporation manages two multi-strategy investment
funds which combined have approximately $34 billion of assets under
management. Its flagship fund, Elliott Associates, L.P., was founded in
1977, making it one of the oldest funds of its kind under continuous
management. The Elliott funds' investors include pension plans,
sovereign wealth funds, endowments, foundations, funds-of-funds, high
net worth individuals and families, and employees of the firm. This
investment is being led by Evergreen Coast Capital, Elliott's Menlo Park
affiliate, which focuses on technology investing.
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