Private equity investment firm Veritas Capital is purchasing a part of General Electric’s healthcare IT for $1.05 billion in cash. Veritas Capital will acquire the Enterprise Financial Management (Revenue-Cycle, Centricity Business), Ambulatory Care Management (Centricity Practice Solution) and Workforce Management (formerly API Healthcare) assets comprising GE Healthcare’s Value-Based Care Division at the close of the transaction.
The healthcare technology space has been a key focus area for Veritas Capital, as illustrated by its recent investments in Truven Health Analytics and Verscend Technologies. The firm transforms businesses in the space by working closely with management teams to enhance customer benefits through accelerated growth, improved efficiencies, and the development of products and services.
“Veritas Capital is the ideal firm to provide the focus and investment to take our business to the next level of scale and performance,” said Jon Zimmerman, Vice President and General Manager of Value-Based Care Solutions at GE Healthcare.
“Our team has significant knowledge and expertise in the healthcare IT space, and by operating as a standalone business under Veritas’ ownership, we now have the opportunity to further revitalize our product portfolio and pursue complementary acquisitions to better serve patients, providers and payers,” he added.
The transaction is expected to close during the third quarter of 2018.