Private equity group Thoma Bravo has entered into an agreement to acquire NextGen Healthcare, Inc. for approximately $1.61 billion. Under the terms of the agreement, NextGen Healthcare shareholders will receive $23.95 per share in cash.
NextGen Healthcare is an American software and services company headquartered in Atlanta, Georgia. The company develops and sells electronic health record (EHR) software and practice management systems to the healthcare industry. According to its most recent financial report, the company’s revenue for the fiscal year ended March 31, 2022 was $596.4 million.
Thoma Bravo is a leading private equity investment firm building on a 30-plus year history of providing equity and strategic support to experienced management teams and growing companies. As of September 30, 2022, it has more than $120 billion in assets under management. Thomas Bravo has offices in Chicago, Miami and San Francisco.
Morgan Stanley & Co. LLC is acting as financial advisor to NextGen Healthcare, and Latham & Watkins LLP is acting as legal advisor. William Blair & Company is acting as financial advisor to Thoma Bravo, and Goodwin Procter LLP is acting as legal advisor. The transaction is expected to be completed in the fourth calendar quarter of 2023.
According to data captured in the LevinPro HC database, this acquisition represents the 189th eHealth transaction of 2023, including 10 in the EHR specialty. There were 260 eHealth and 16 EHR telehealth deals announced between January 1, 2022, and September 7, 2022.
