athenahealth, Inc., today announced private equity firms Veritas Capital and Evergreen, the private equity subsidiary of Elliott Management will acquire athenahealth for approximately $5.7 billion in cash ($135 per share). The acquisition comes months after Elliot Management made an unsolicited bid to acquire the company for $6.5B.Financial DetailsUnder the terms of the agreement, athenahealth shareholders will receive $135 in cash per share. The per share purchase price represents a premium of
Read More
Jonathan Bush Steps Down as CEO of athenahealth, Board to Consider Sale, Merger
athenahealth announced this morning that founder Jonathan Bush is stepping down as CEO, effectively immediately. The Board of Directors has initiated a process to explore strategic alternatives and will consider a sale, merger or other transaction involving the Company as well as continuing as an independent company. In addition, the Board has also initiated a search process to identify qualified CEO candidates.Jeff Immelt, Chairman of athenahealth, has been appointed Executive Chairman, Marc
Read More
KLAS Unveils 5 Small Hospital EMR Market Trends to Watch
In 2017, 216 acute care hospitals contracted for a new EMR, with 1–200 bed hospitals accounting for the vast majority (80%) of these decisions, according to a recent KLAS report. EMR purchasing by smaller hospitals is being driven primarily by these organizations’ need to exchange information with surrounding hospitals and desire for vendors that offer newer, more innovative technology and more flexible financial options. These smaller hospitals are hungry for new technology but often resource
Read More
Elliott Management Outlines Concerns With athenahealth’s Lack of Engagement Over Acquisition Bid in Letter
On Tuesday, Elliott Management Corporation (“Elliott”) released a letter to the Board of Directors of athenahealth, Inc. regarding Elliott’s proposal to acquire athenahealth for $160 per share in cash that could worth about $7 billion dollars.The letter outlined Elliott’s concerns with athenahealth’s refusal thus far to engage with any of the parties, including Elliott, that have expressed interest in acquiring athenahealth.“Since that time, we have heard nothing from the Company beyond its
Read More
Elliot Management Makes $6.5B Unsolicited Bid to Acquire athenahealth
athenahealth has received an unsolicited proposal from Elliott Management to acquire the Company for $160 per share in cash that could be worth about $7 billion, including debt, CNBC first reports.In a letter sent to athenahealth’s management, the activist firm stated, “It is clear to us and becoming clear to many others that Athenahealth’s potential will never be realized without the kind of operational change that the company seems unable to deliver.” The letter also states that Elliot
Read More
Former GE CEO Jeff Immelt Appointed Chairman of athenahealth
athenahealth, a provider of network-enabled services for hospital and ambulatory clients has appointed Jeff Immelt, former GE chairman and CEO, as chairman of athenahealth, effective, February 7, 2018.Mr. Immelt’s appointment as independent chairman is part of a series of strategic initiatives that athenahealth launched in 2017 to create a more focused and efficient company, drive increased levels of profitable growth, and enhance shareholder value. As part of these initiatives, the Company has
Read More
KLAS Report: 12 Provider Insights from athenahealth Early-Adopters
With the acquisition of RazorInsights in 2015, athenahealth entered the underserved community hospital EMR market. Since then, provider interest has skyrocketed, with athenaOne for Hospitals and Health Systems being the third most frequently selected hospital EMR solution in the US in both 2015 and 2016. To learn more insights into the early-adopter experience for athenahealth customers, KLAS has published a new report that takes an in-depth early look at the progress athenahealth has made and
Read More
athenahealth Acquires EHR Optimization Startup Praxify Technologies for $63M
athenahealth has entered into a definitive agreement to acquire Praxify Technologies, a Palo Alto-based EHR optimization company for approximately $63 million in cash. For athenahealth, the acquisition will strengthen company’s acute & ambulatory platform strategy and mobile capabilities to drive frictionless workflows and intelligence at and around the moments of care.Founded in 2010, Praxify’s platform includes: MIRA, a virtual assistant app that speeds up provider workflows and provides
Read More
athenahealth Launches MDP Labs for Health IT Startups to Accelerate Health Innovation
athenahealth, Inc., a provider of network-enabled services for hospital and ambulatory clients nationwide, today announced the launch of MDP Labs, a new innovation program open to all healthcare and technology entrepreneurs, from seed-stage startups to mature companies. Hosted in the San Francisco office, the program invites all entrepreneurs with novel technologies that can help fix what is broken in healthcare to apply.Companies will be evaluated based on their team, business model, stage of
Read More
athenahealth EHR Offers Meaningful Use Stage 3 Guarantee for Hospitals
athenahealth, Inc., an EHR provider for hospital and ambulatory clients nationwide, today announced the expansion of the company’s Guarantee Program to include a Meaningful Use (MU) Stage 3 Guarantee for hospitals. The Meaningful Use Stage 3 Guarantee for hospitals joins a growing portfolio of quality initiatives support offered by the company, including a Merit-Based Incentive Payment System (MIPS) guarantee and client support program. “Every hospital or health system —no matter the size— wants
Read More