Strata Decision Technology to Acquire EPSi From Allscripts
July 30 2020 - 4:43PM
Business Wire
Strata Decision Technology (Strata), a pioneer and leader in the
development of cloud-based financial planning, analytics and
performance tools for healthcare, today announced that it has
reached a definitive agreement to acquire EPSi from Allscripts
(NASDAQ: MDRX) for $365 million. EPSi is a leading provider of
financial decision support and planning tools for hospitals and
health systems.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20200730006054/en/
“By bringing these two outstanding companies together, we
believe that we can build one of the most important companies in
helping to solve the biggest problem in healthcare - the cost of
it,” said Dan Michelson, Chief Executive Officer of Strata. “Our
focus will be to accelerate innovation to provide broader and
deeper solutions to help our customers, deliver the highest service
levels in the industry, and create the very best place to work in
healthcare.”
Hospitals and healthcare delivery systems were already under
significant financial pressure with margins rapidly declining over
the last few years. COVID-19 has caused a significant increase in
the cost of care coupled with major declines in both patient and
procedure volume, creating what is seen as the biggest financial
crisis in the history of healthcare. The combination of Strata and
EPSi will bring healthcare providers a set of innovative solutions
and services to help them better plan, analyze and perform in
support of providing care in the communities that they serve.
“Strata is a world-class company that will provide both an ideal
and permanent home for EPSi,” said Rick Poulton, Allscripts
President and Chief Financial Officer. “This agreement is a triple
win for EPSi customers and Allscripts shareholders as it allows us
to efficiently recirculate capital, increase our focus on our core
businesses, and bring our EPSi customers the benefit of continued
investment under new and very strong ownership.”
The transaction is expected to close later this year, subject to
regulatory approval and customary closing conditions. Allscripts
has owned the EPSi business since it acquired Eclipsys, Inc. in
2010. Upon closing of the transaction, the EPSi customer base and
associates will transition to Strata. The two companies will
operate independently until the deal closes.
RBC Capital Markets, LLC served as Allscripts’ exclusive
financial advisor in connection with the sale of EPSi and Zeigler
served as financial advisor to EPSi management.
About Strata Decision Technology
Strata Decision Technology provides an innovative cloud-based
financial analytics and performance platform that is used by
healthcare providers for financial planning, decision support and
continuous improvement. Founded in 1996, the Company’s customer
base includes over 220 healthcare delivery systems. The Company’s
StrataJazz® application is a single integrated
software-as-a-service platform that includes modules for capital
planning, continuous improvement, contract modeling, cost
accounting, cost management, decision support, financial
forecasting, management reporting, operational budgeting and
performance improvement and strategic planning. The Company’s
headquarters are in Chicago, IL. For more information, please visit
www.stratadecision.com.
About Allscripts
Allscripts (NASDAQ: MDRX) is a leader in healthcare information
technology solutions that advance clinical, financial and
operational results. Our innovative solutions connect people,
places and data across an Open, Connected Community of Health™.
Connectivity empowers caregivers to make better decisions and
deliver better care for healthier populations. To learn more, visit
www.allscripts.com, Twitter, YouTube and It Takes A Community: The
Allscripts Blog.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200730006054/en/
Strata: Lesley Weisnbacher
312.827.3379 lweisenbacher@stratadecision.com
Investors: Stephen Shulstein
312-386-6735 stephen.shulstein@allscripts.com
Media: Concetta Rasiarmos
312-447-2466 concetta.rasiarmos@allscripts.com
Veradigm (NASDAQ:MDRX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Veradigm (NASDAQ:MDRX)
Historical Stock Chart
From Apr 2023 to Apr 2024