Saturday, April 20, 2019

Veritas Capital Completes Acquisition of athenahealth

BWW News Desk
February 11, 2019

athenahealth Inc a leading provider of networkenabled 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 57 billion in cashbb pblockquotep idpullquotepblockquote p Virence Health Virence the former GE Healthcare Valuebased 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 Virences Workforce Management business becomes a separate Veritas portfolio company under the API Healthcare brand p p 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 160000 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 p p Bob Segert Chairman and CEO of the combined company said athenahealth is one of the most unique and valuable assets in healthcare with industryleading 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 p p 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 p p 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 p p bAbout athenahealth Incb p p 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 120000 providers and approximately 117 million patients with deep industry knowledge and perform administrative work at scale For more information please visit a referrerpolicyunsafeurl targetblank hrefhttpsctsbusinesswirecomctCTidsmartlinkampurlhttp3A2F2Fwwwathenahealthcomampesheet51938752ampnewsitemid20190211005504amplanenUSampanchorwwwathenahealthcomampindex1ampmd5e6b3c7cea6c6e0d00460ceac09d410fc relnofollowwwwathenahealthcoma p p bAbout Virence Healthb p p 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 technologyenabled solutions Virence aims to improve quality increase efficiency and reduce waste in the healthcare industry Learn more at a referrerpolicyunsafeurl targetblank hrefhttpsctsbusinesswirecomctCTidsmartlinkampurlhttp3A2F2Fwwwvirencehealthcomampesheet51938752ampnewsitemid20190211005504amplanenUSampanchorwwwvirencehealthcomampindex2ampmd530462c678b58d12f4bdb9c8e72cf547e relnofollowwwwvirencehealthcoma p p bAbout Veritas Capitalb p p Veritas Capital is a leading private equity firm that invests in companies that provide critical products and services primarily technology and technologyenabled solutions to government and commercial customers worldwide including those operating in the aerospace amp 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 a referrerpolicyunsafeurl targetblank hrefhttpsctsbusinesswirecomctCTidsmartlinkampurlhttp3A2F2Fwwwveritascapitalcomampesheet51938752ampnewsitemid20190211005504amplanenUSampanchorwwwveritascapitalcomampindex3ampmd53e2c988b06963b96c54b894781842a93 relnofollowwwwveritascapitalcoma p p bAbout Elliott and Evergreen Coast Capitalb p p Elliott Management Corporation manages two multistrategy investment funds which combined have approximately 34 billion of assets under management Its flagship fund Elliott Associates LP 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 fundsoffunds high net worth individuals and families and employees of the firm This investment is being led by Evergreen Coast Capital Elliotts Menlo Park affiliate which focuses on technology investing p

SOURCE: BUSINESS WIRE. ©2015 Business Wire


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