The private equity player picked up athenahealth for $5.7bn three years ago alongside activity investor Elliott Management’s PE arm.
The pair will retain stakes in the company following the sale, while new co-investors include GIC and the Abu Dhabi Investment Authority.
athenahealth provides a cloud platform which aims to address the critical aspects of a physician’s practice, with modules spanning patient engagement, revenue cycle, telehealth, payments, population health, and value-based care management.
The company says it partners with more than 140,000 ambulatory care providers throughout all 50 US states.
Veritas CEO and managing director Ramzi Musallam said, “athenahealth has driven tremendous growth and transformation, reinforcing its position as the premier healthcare IT company supporting the largest nationwide network of healthcare providers.
“Following our take-private and combination with Virence in 2019, athenahealth delivered unrivaled value to its customers by significantly increasing R&D investment resulting in higher quality care, lower costs across the healthcare ecosystem, and overall improved patient outcomes.
“We are thrilled to continue to support the company alongside Evergreen, Hellman & Friedman, and Bain Capital in the years ahead.”
Bain Capital managing director Devin O-Reilly added, “athenahealth is at the frontier of digital health in the United States, enhancing the clinical quality, operational efficiency, and delivery of preventive care to nearly 20% of the population today, unlocking the front door of the consumer healthcare journey and positioning the company to support physicians in the continuing shift towards value-based care.”
The deal is expected to be completed in the first quarter of next year.
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