Veritas Capital and Elliott Management‘s Evergreen Coast Capital have closed its previously announced take-private acquisition of Athenahealth, a provider of medical record, revenue cycle, patient engagement, care coordination and population health services. The price of the deal was about $5.7 billion. Veritas portfolio company Virence Health will merge with Athenahealth and operate under the Athenahealth name. As a result of the closing, Athenahealth stock will be delisted from the NASDAQ and stop trading after the February 11, 2019 business day.
WATERTOWN, Mass. and NEW YORK – February 11, 2019 – athenahealth, Inc., a leading provider of network-enabled services for hospital and ambulatory customers nationwide, announced today that it has completed its previously announced sale to an affiliate of Veritas Capital (“Veritas”) and Evergreen Coast Capital (“Evergreen”) for approximately $5.7 billion in cash.
Virence Health (“Virence”), the former GE Healthcare Value-based Care assets that Veritas acquired in 2018, will combine with athenahealth under the athenahealth name and brand. The combined company will be led by Virence Chairman and Chief Executive Officer Bob Segert and an executive leadership team comprised of executives from both companies, and will be headquartered on the athenahealth campus in Watertown, Massachusetts. As part of the transaction, Virence’s Workforce Management business becomes a separate Veritas portfolio company under the API Healthcare brand.
Elliott Management Corporation manages two multi-strategy investment funds which combined have approximately $34 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds of its kind under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. This investment is being led by Evergreen Coast Capital, Elliott’s Menlo Park affiliate, which focuses on technology investing.