athenahealth, health Technology Leader, to be acquired by Hellman & Friedman and Bain Capital for $17 billion

athenahealth, health Technology Leader, to be acquired by Hellman & Friedman and Bain Capital for $17 billion

In addition to Hellman & Friedman, Bain Capital Private Equity, and Bain Capital Tech Opportunities, the investor group includes Veritas Capital and Evergreen Coast Capital, which will each retain a minority investment in athenahealth, as well as other new coinvestors, including GIC, Singapore’s sovereign wealth fund, and a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA).

“athenahealth demonstrates what can happen when a team of dedicated and talented employees and executives is given the right resources to invest in innovation and to help improve the quality of care that its providers are able to deliver,” said Jesse Cohn, managing partner, and Marc Steinberg, senior portfolio manager, on behalf of Evergreen Coast Capital, an affiliate of Elliott Investment Management. “Elliott is proud to have worked with Veritas to help transform athenahealth, and we welcome Hellman & Friedman and Bain Capital as new stewards of this unique and important healthcare leader.”

The investment is expected to be completed in the first quarter of 2022 and is subject to regulatory approvals and customary closing conditions.

“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,” said Devin O’Reilly, a managing director at Bain Capital Private Equity. “We are excited to leverage our extensive vertical software and healthcare experience to help Bob and the management team accelerate growth, develop new products, gain market share, and continue to innovate in a highly scalable and vitally important end market,” added David Humphrey, a managing director at Bain Capital Private Equity.

“Given our deep experience in software and healthcare, we are excited to work with Bob and the executive team to rapidly scale the business and continue to innovate and grow alongside our most disruptive and innovative ambulatory care clients to build the foundations of a multi-sided digital care network between patient, payer, and provider,” said Allen Thorpe, partner at Hellman & Friedman. “athenahealth’s technology leadership has differentiated the Company as a next generation cloud-based SaaS technology platform, facilitating innovation in a rapidly evolving and dynamic market,” added Sameer Narang, partner at Hellman & Friedman.

“Over the course of our successful partnership with Bob and the management team, athenahealth has driven tremendous growth and transformation, reinforcing its position as the premier healthcare IT company supporting the largest nationwide network of healthcare providers,” said Ramzi Musallam, CEO and managing partner of Veritas Capital. “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.”

“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. Our employees, customers, and partners are the source of our success and inspiration as we create a thriving ecosystem that delivers accessible, high-quality, and sustainable healthcare for all,” said Bob Segert, chairman and chief executive officer of athenahealth, who will continue to lead the Company along with the current management team.

About Hellman & Friedman

Hellman & Friedman is a preeminent global private equity firm founded in 1984 with a distinctive investment approach focused on large-scale equity investments in high quality growth businesses. H&F seeks to partner with world-class management teams where its deep sector expertise, long-term orientation and collaborative partnership approach enable companies to flourish. H&F targets outstanding businesses in select sectors including software & technology, financial services, healthcare, consumer & retail, and other business services. The firm is currently investing its tenth fund, with $24.4 billion of committed capital, and has over $95 billion in assets under management as of September 30, 2021. Learn more about H&F’s defining investment philosophy and approach to sustainable outcomes at www.hf.com.

athenahealth creates innovative healthcare technology that connects clinicians, patients, payers, and partners in differentiated ways. Our electronic health records, revenue cycle management, and patient engagement tools allow anytime, anywhere access, driving better financial outcomes for our customers and enabling our provider customers to deliver better quality care. In everything we do, we’re inspired by our vision to create a thriving ecosystem that delivers accessible, high-quality, and sustainable healthcare for all. For more information, please visit www.athenahealth.com.

About athenahealth, Inc.

Evercore and Goldman Sachs & Co. LLC. are serving as lead financial advisors, and Milbank LLP as legal advisor, to athenahealth and Veritas Capital. Deutsche Bank Securities Inc., Barclays, Morgan Stanley & Co. LLC., BMO Capital Markets, and BofA Securities, Inc. are serving as financial advisors, and Kirkland & Ellis LLP as legal advisor, to Hellman & Friedman and Bain Capital.

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