Blackstone to Acquire HealthEdge, a Leading Healthcare Technology Solutions Provider
March 09 2020 - 4:20PM
Business Wire
Blackstone (NYSE:BX) today announced that funds managed by
Blackstone (“Blackstone”) will acquire a majority stake in
HealthEdge, a leading technology business that delivers next
generation Core Administrative Processing Systems (CAPS) solutions
to healthcare businesses. The investment is being led by
Blackstone’s growth equity team, which is focused on providing
capital to fast-growing companies and helping them leverage
Blackstone’s deep operating resources and scale to become market
leaders.
Steve Krupa, CEO of HealthEdge, said: “We are thrilled to work
with Blackstone as we enter the next chapter of our company’s
growth. Blackstone’s expertise in healthcare and extensive
operational resources made them our partner of choice to help fuel
our continued expansion and better serve our customers in the years
ahead. We are deeply grateful to our employees, for all of their
hard work and dedication; our customers for their loyalty and
ongoing partnership; and our Chairman, Al Waxman, and his venture
fund Psilos Group, for supporting our company from the very start.
These stakeholders put us in the position for this transformative
growth opportunity.”
Ram Jagannath, Global Head of Healthcare for Blackstone Growth,
said: “We are excited to partner with Steve and HealthEdge’s
outstanding management team as they continue to build a premier,
comprehensive platform for healthcare payor technology. The company
has a leading, innovative product that their customers find highly
compelling in helping them manage an increasingly complex
healthcare ecosystem. Together with Blackstone, HealthEdge is
exceptionally well positioned for continued growth as an increasing
number of healthcare companies seek superior, cloud-native
technology solutions for administering their businesses.”
HealthEdge provides next generation, mission-critical CAPS
solutions to health payors, which help them better administer
benefits, configure plans, manage providers and enroll
participants. Their products offer greater flexibility, a modern,
simple user interface, and a cloud-compliant solution, which is
well suited for the increasingly complex and data-rich healthcare
environment.
Rick Jelinek, Board Member of HealthEdge and Executive Vice
President of CVS Health, added: “On behalf of the company we are
pleased to be partnering with Blackstone, which has the capital and
resources to help HealthEdge further scale. The company has a
leading technology offering and this partnership with Blackstone
will help it continue to expand, benefiting the entire healthcare
ecosystem.”
Morgan Stanley & Co. LLC served as financial advisor and
Goodwin Procter LLP was legal advisor for HealthEdge. TripleTree
served as financial advisor and Debevoise & Plimpton LLP was
legal advisor for Blackstone. Terms of the transaction were not
disclosed.
About Blackstone
Blackstone is one of the world’s leading investment firms. We
seek to create positive economic impact and long-term value for our
investors, the companies we invest in, and the communities in which
we work. We do this by using extraordinary people and flexible
capital to help companies solve problems. Our asset management
businesses, with $571 billion in assets under management, include
investment vehicles focused on private equity, real estate, public
debt and equity, growth equity, opportunistic, non-investment grade
credit, real assets and secondary funds, all on a global basis.
Further information is available at www.blackstone.com. Follow
Blackstone on Twitter @Blackstone.
About HealthEdge
HealthEdge® provides modern, disruptive healthcare IT solutions
that health insurers use to leverage new business models, improve
outcomes, drastically reduce administrative costs and connect
everyone in the healthcare delivery cycle. Our next-generation
enterprise solution suite, HealthRules®, is built on modern,
patented technology and is delivered to customers via the
HealthEdge Cloud or onsite deployment. An award-winning company,
HealthEdge empowers health insurers to capitalize on the
innovations, challenges and opportunities that await in the new
healthcare economy. For more information, visit
http://www.healthedge.com,
https://www.linkedin.com/company/healthedge,
https://www.facebook.com/HealthEdgeInc, or follow HealthEdge on
Twitter @HealthEdge.
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version on businesswire.com: https://www.businesswire.com/news/home/20200309005789/en/
Media Contact For Blackstone Matt Anderson
+1-212-390-2472 matthew.anderson@blackstone.com
For HealthEdge Harry Merkin +1-978-983-4858
hmerkin@healthedge.com
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