WATERTOWN, Mass.–(BUSINESS WIRE)–athenahealth, Inc. (“athenahealth” or “the Company”), a leading provider of cloud-based enterprise software solutions for medical groups and health systems nationwide, today announced that affiliates of Bain Capital and Hellman & Friedman have completed their acquisition of athenahealth from Veritas Capital and Evergreen Coast Capital for $17 billion.
“We are thrilled to partner with Hellman & Friedman and Bain Capital as we take the next step in our evolution and continue our work to transform and improve the delivery of healthcare,” said Bob Segert, chairman and chief executive officer of athenahealth, who will continue to lead the Company. “It is an exciting time for athenahealth’s customers, employees, and partners. This acquisition confirms our position as the largest and most innovative provider of cloud-based electronic medical record and physician practice solutions across healthcare, and I look forward to our future as we work together to realize our vision of creating a thriving ecosystem that delivers accessible, high-quality, and sustainable healthcare for all.”
athenahealth partners with more than 140,000 ambulatory care providers, throughout all 50 states and across more than 120 specialties, to accelerate the pace of healthcare innovation and support the delivery of leading clinical and financial outcomes. athenahealth’s solutions and services enable its customers to increase clinical efficiency, optimize financial performance, improve patient care outcomes, and support providers in accelerating their shift toward value-based care. athenahealth’s athenaOne® cloud platform addresses the critical aspects of a physician’s practice – with modules spanning patient engagement, revenue cycle, telehealth, payments, population health, and value-based care management. athenahealth delivers this suite of capabilities to customers by combining powerful SaaS technology with the expert services and data-driven insights that come from the country’s largest single connected network.
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 have each retained a minority investment in athenahealth, as well as other new coinvestors, including an affiliate of GIC and a wholly owned subsidiary of the Abu Dhabi Investment Authority.
About athenahealth, Inc.
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 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.
About Bain Capital
Bain Capital has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since its founding in 1984. Bain Capital Private Equity (http://www.baincapitalprivateequity.com) has a global team of more than 275 investment professionals which creates value for its portfolio companies through its global platform and depth of expertise in key vertical industries including healthcare and technology. The firm has offices on four continents and has made primary or add-on investments in more than 1,000 companies since its inception. Among these investments has been partnering with dynamic healthcare companies dedicated to quality, access, innovation and improved patient outcomes (to learn more please visit https://www.baincapital.com/healthcare/), and with scale and disruptive technology businesses where the firm’s in depth knowledge of fundamental trends, insight into evolving customer dynamics, and vertical market expertise helps accelerate growth. In addition to private equity, Bain Capital invests across asset classes including credit, public equity, venture capital, real estate and insurance, managing approximately $150 billion in total and leveraging the firm’s shared platform to capture opportunities in strategic areas of focus.
About Veritas Capital
Veritas is a longstanding technology investor with a focus on companies operating at the intersection of technology and government. The firm invests in companies that provide critical products, software, and services, primarily technology and technology-enabled solutions, to government and commercial customers worldwide. Veritas seeks to create value by strategically transforming the companies in which it invests through organic and inorganic means.
Leveraging technology to make a positive impact across vitally important areas, such as healthcare, education, and national security, is core to Veritas. We are proud stewards of national assets, improving the quality of healthcare while reducing cost, advancing our educational system, and protecting our nation and allies. For more information, visit www.veritascapital.com.
About Elliott and Evergreen
Elliott Investment Management L.P. manages approximately $51.5 billion of assets. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds 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. Evergreen Coast Capital Corp. is Elliott’s Menlo Park affiliate, which focuses on technology investing.
For athenahealth, Inc.
For Hellman & Friedman
For Veritas Capital
Andrew Cole / Jenny Gore / Julie Rudnick
Sard Verbinnen & Co
For Elliott and Evergreen
212-478-2017 / 917-583-3016