Thoma Bravo, a leading software investment firm, announced the completion of its acquisition of NextGen Healthcare, a leading provider of innovative, cloud-based healthcare technology solutions, for $1.8 billion. The agreement to be acquired was previously announced on September 6, 2023, and approved by NextGen Healthcare shareholders at the Special Shareholder Meeting held on November 7, 2023.
With the completion of the transaction, NextGen Healthcare shareholders are entitled to receive $23.95 per share in cash. The Company’s common stock has ceased trading and will be delisted from Nasdaq.
“We are delighted to partner with Thoma Bravo to accelerate the delivery of transformational solutions to the ambulatory healthcare marketplace,” said David Sides, President and Chief Executive Officer of NextGen Healthcare. “Our employees, clients and partners are unified behind our vision of achieving Better Healthcare Outcomes for All. By combining our deep healthcare domain expertise with Thoma Bravo’s renowned operational expertise, we believe we can deliver on that vision faster.”
“NextGen Healthcare’s client-centric suite of solutions help solve some of the most critical problems facing ambulatory healthcare providers of all sizes across the country,” said A.J. Rohde, a Senior Partner at Thoma Bravo. “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.”
“We are excited to support NextGen Healthcare’s long-term growth by leveraging Thoma Bravo’s operational and software expertise,” said Peter Hernandez, a Vice President at Thoma Bravo. “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.”
NextGen Healthcare serves more than 100,000 ambulatory healthcare providers who care for more than 65 million patients in the US. In 2023, NextGen Enterprise, the Company’s flagship platform, was ranked the #1 EHR and PM by BlackBook Research. The Company’s surround portfolio includes innovations designed to alleviate physician burnout and improve the patient experience including: AI-powered NextGen Ambient Assist, an ambient listening solution that securely populates the EHR; NextGen Mobile, which is rated 4.5 out of 5 stars by users on the app store; and NextGen Virtual Visits™, which has a patient satisfaction NPS score of 80. In addition, NextGen Healthcare serves the small practice market with its NextGen Office SaaS solution. The Company is also a leader in interoperability, with its solutions powering 35% of Health Information Exchanges (HIEs).