symplr, a healthcare operations software developer, announced its plans to purchase Midas Health Analytics Solutions from Conduent for a whopping $340 million.
Midas will bring with it a data set that includes 100 million claims and over 30,000 indicators, as well as data from 800 hospitals. The service is aimed at guiding and creating tactical plans for healthcare customers.
symplr has a long history in the enterprise healthcare offerings space. Its services include data management, workforce management, finance management and regulatory compliance tools.
According to the announcement, the companies expect the deal to close in the first quarter of 2022.
WHY IT MATTERS
The acquisition is expected to help symplr grow its services and help healthcare organizations break down silos.
“The Midas acquisition further strengthens symplr’s comprehensive healthcare operations SaaS solutions that enable hospitals and health systems to efficiently navigate the complexities of integrating critical business operations,” Behdad Eghbali, cofounder and managing partner of Clearlake, said in a statement.
“We look forward to supporting the company as it continues driving industry consolidation and accelerating organic growth through our O.P.S. value creation framework.”
M&As are a popular exit option for digital health companies. In fact, there were 2,016 digital health M&As during the first three quarters of 2021, according to Rock Health.
THE LARGER TREND
This isn’t symplr’s first acquisition. In September, the company announced its plans to purchase clinical communication platform Halo Health for an undisclosed sum. The company has acquired 14 companies over the course of six years, according to a press representative.
Founded in 2006, the Texas company is backed by private equity company Clearlake Capital Group.
ON THE RECORD
“As part of our strategy to streamline our portfolio, we consider divestitures of select businesses in order to enhance shareholder and client value,” Cliff Skelton, Conduent president and CEO, said in a statement.
“We believe this is a mutually beneficial transaction and we are focused on providing a seamless transition for our clients. We are committed to delivering robust business process solutions to all industries, including the healthcare industry.”