The company offers cloud-based enterprise software solutions such as cloud-based electronic medical records and physician practice solutions to medical groups and health systems across the US

athenahealth office

One of the offices of healthcare technology provider athenahealth. (Credit: athenahealth)

Athenahealth, a US-based healthcare technology company, has agreed to be acquired for $17bn by an investment group that features affiliates of Bain Capital and Hellman & Friedman among others.

The company caters to medical groups and health systems across the US with cloud-based enterprise software solutions, which include cloud-based electronic medical records and physician practice solutions.

Athenahealth is currently owned by Veritas Capital and Evergreen Coast Capital. The duo had purchased the healthcare technology firm in 2019 for a sum of around $5.7bn and had combined the company with Virence Health Technologies.

The investor group that is buying Athenahealth also includes Veritas Capital and Evergreen Coast Capital, which will retain a minority stake in the company. The other entities in the buying group are Singapore’s GIC and a fully-owned subsidiary of the Abu Dhabi Investment Authority (ADIA).

Athenahealth chairman and CEO Bob Segert said: “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.”

Athenahealth is said to partner with over 140,000 ambulatory care providers and across more than 120 specialities for expediting healthcare innovation and driving enhanced clinical and financial outcomes.

Its cloud platform has been designed to address the highly important aspects of a physician’s practice. The platform’s modules cover patient engagement, revenue cycle, payments, telehealth, population health, and value-based care management.

Athenahealth delivers its solutions by combining SaaS technology with the expert services and data-driven insights provided by its single connected network.

Hellman & Friedman partner Allen Thorpe said: “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.”

The deal, which is conditional on regulatory approvals and customary conditions, is anticipated to close in Q1 2022.