Healthcare software developer symplr announced it will purchase Conduent’s Midas Health Analytics Solutions for a whopping $ 340 million.
Midas has a data set with 100 million claims and over 30,000 indicators as well as data from 800 hospitals. The service aims to guide and create tactical plans for healthcare customers.
symplr has a long history in the field of corporate health services. Services include data management, workforce management, financial management, and regulatory compliance tools.
According to the announcement, the companies expect the deal to close in the first quarter of 2022.
WHY IT IS IMPORTANT
The takeover is intended to help symplr expand its services and support health organizations in breaking down silos.
“The Midas acquisition strengthens symplr’s comprehensive healthcare SaaS solutions that enable hospitals and healthcare systems to efficiently manage the complexities of integrating critical business processes,” said Behdad Eghbali, Clearlake co-founder and managing partner, in a statement.
“We look forward to helping the company continue to drive industry consolidation and organic growth through ours OPS value creation framework. “
M&As are a popular exit option for digital health companies. In fact, there were 2,016 M & As in digital health in the first three quarters of 2021. according to Rock Health.
THE BIGGER TREND
This is not the first acquisition by symplr. In September the company announced its plans to purchase a clinical communication platform Halo Health for an undisclosed amount. According to a press representative, the company has acquired 14 companies in six years.
The Texan company, founded in 2006, is supported by a private equity companyClearlake Capital Group.
ON THE RECORD
“As part of our strategy to streamline our portfolio, we are considering divesting select businesses to add shareholder and customer value,” said Cliff Skelton, President and CEO of Conduent, in a statement.
“We believe this is a mutually beneficial transaction and we are focused on delivering a seamless transition for our customers. We are committed to providing robust business process solutions for all industries, including the healthcare industry.”