Two private equity firms agree to purchase athenahealth for $17B
Two global private equity firms have entered into an agreement to purchase cloud-based healthcare solutions company athenahealth for a reported $17 billion, the trio announced Monday.
Bain Capital and Hellman & Friedman entered into a joint agreement to acquire the health tech firm from Veritas Capital and Evergreen Coast Capital. The latter two PE firms teamed up to buy athenahealth for $5.7 billion back in November 2018.
Veritas and Evergreen will each keep a minority stake in athenahealth following the deal, which is expected to be finalized in the first quarter of next year, subject to regulatory approvals and conditions.
“Today marks a significant milestone for athenahealth and our partnership with Veritas Capital and Evergreen Coast Capital, and we are thrilled to work with Hellman & Friedman and Bain Capital to drive the next phase of our growth journey,” added Bob Segert, chair and CEO of athenahealth, who will retain his role within the company.
Athenahealth works with upward of 140,000 ambulatory care providers across the U.S., according to the announcement. Headquartered in Watertown, Massachusetts, the tech company’s flagship cloud platform helps practices with patient engagement, revenue cycle management, telehealth, value-based care and more.
Matt joined Chicago’s TriMed team in 2018 covering all areas of health imaging after two years reporting on the hospital field. He holds a bachelor’s in English from UIC, and enjoys a good cup of coffee and an interesting documentary.