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Thoma Bravo acquires NextGen HealthCare for $1.8 billion

by John R. Fischer, Senior Reporter | November 17, 2023
Business Affairs
Thoma Bravo has acquired NextGen HealthCare for $1.8 billion.
Software investment firm Thoma Bravo has acquired NextGen HealthCare, a provider of cloud-based EHRs and other software solutions, for $1.8 billion.

Announced in September, the transaction officially ends NextGen Healthcare’s more than 40 years as a publicly traded company, with Nasdaq delisting the company. NextGen Healthcare shareholders, who approved the deal earlier this month, will receive $23.95 per share in cash. The value of the transaction also includes the company’s debts.

NextGen Healthcare provides software to more than 100,000 ambulatory providers that care for over 65 million patients in the U.S. Among its solutions are its flagship product, NextGen Enterprise EHR, which automates reporting and has a 24/7 patient portal, self-scheduling options, and customization features.

It also offers NextGen Ambient Assist, an AI-powered ambient listening solution that securely populates EHRs; NextGen Mobile, for documenting care and transcriptions; NextGen Virtual Visits, for telehealth; and NextGen Office SaaS, for accessing patient and practice data through the cloud securely. Additionally, it has interoperability solutions that power 35% of health information exchanges.

Thoma Bravo has over $131 billion in assets and works with its portfolio companies to implement best practices that will help them grow their reach. It has invested in more than 450 businesses with over $250 billion in enterprise value together.

"We look forward to adding new products and capabilities, both organically and inorganically, to continue enabling NextGen Healthcare's customers to deliver exceptional patient outcomes,” said Peter Hernandez, a vice president at Thoma Bravo, in a statement.

Word of a deal began in August following some of NextGen Healthcare’s clients cutting back on spending and a federal investigation that resulted in the company paying $31 billion for allegedly misrepresenting its EHR software capabilities and paying users kickbacks to recommend it.

Thoma Bravo also recently acquired medication intelligence company Bluesight in July, and European healthcare analytics provider for hospitals, LOGEX in March.

Thoma Bravo told HCB News that it has no comment "beyond what was said in the press release announcing the transaction."

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