The acquisition, valued at $1.8 billion, aims to accelerate the delivery of transformational solutions to the ambulatory healthcare marketplace, Thoma Bravo said in a Friday (Nov. 10) press release.
David Sides, president and CEO of NextGen Healthcare, said in the release: “By combining our deep healthcare domain expertise with Thoma Bravo’s renowned operational expertise, we believe we can deliver on that vision faster.”
A.J. Rohde, a senior partner at Thoma Bravo, added: “NextGen Healthcare’s client-centric suite of solutions helps solve some of the most critical problems facing ambulatory healthcare providers of all sizes across the country. Together with David and his team, we look forward to driving accelerated growth and product innovation to even better serve the healthcare industry — from provider to patient.”
NextGen Healthcare serves more than 100,000 ambulatory healthcare providers, caring for more than 65 million patients in the U.S., according to the press release. The company’s portfolio includes its flagship platform, NextGen Enterprise, as well as NextGen Ambient Assist, NextGen Mobile, NextGen Virtual Visits and its Software-as-a-Service solution for the small practice market, NextGen Office.
Thoma Bravo, with over $131 billion in assets under management, is one of the largest software investors globally, the release said. The firm specializes in investing in growth-oriented, innovative companies in the software and technology sectors.
When the acquisition was announced on Sept. 6, Sides told PYMNTS that “with Thoma Bravo as a partner, [NextGen Healthcare] will benefit from increased capital, expertise and strategic flexibility to accelerate the company’s leadership in providing healthcare technology solutions.”
About a month later, on Oct. 9, NextGen Healthcare unveiled the new NextGen Ambient Assist, which is an artificial intelligence (AI) solution designed to interpret patient-provider conversations in real time, providing summarized appointments and documenting care plans. The solution delivers AI-generated subjective, objective, assessment and plan (SOAP) notes directly into the electronic health record (EHR).
In another recent deal, Thoma Bravo completed its acquisition of identity and access management software firm ForgeRock in August, saying it has combined ForgeRock into its portfolio company Ping Identity. Thoma Bravo acquired Ping Identity about a year earlier.