Thomson Reuters, who announced a desire to leave the healthcare business last July, has agreed to sell their healthcare business to an affiliate of private equity firm Veritas Capital for $1.25 billion in cash.
The Thomson Reuters healthcare business provides data, analytics and performance benchmarking solutions and services to hospitals, health systems, employers, health plans, government agencies and healthcare professionals. With assets and solutions such as MarketScan, Advantage Suite, Micromedex, CareDiscovery and ActionOI, coupled with expert services and analysis, the healthcare business provides its customers with solutions to identify savings, improve outcomes, fight fraud and abuse and more efficiently manage their healthcare operations.
“The healthcare business of Thomson Reuters is the preeminent healthcare analytics company in the industry today,” said Robert McKeon, chairman of Veritas Capital. “The acquisition will provide us with a unique and exciting opportunity to add a truly outstanding business and world-class management team to our portfolio and we look forward to building upon our experience in the healthcare analytics market. We look forward to welcoming the business and its talented employees, including its talented management team led by Mike Boswood, into the Veritas family.”
“We are excited to become part of Veritas Capital. Veritas is committed to helping us continue to grow and expand our business and our customers should expect the same level of high quality services after the transaction closes,” said Mike Boswood, president of the Healthcare business.
Veritas Capital is a private equity firm specializing in investments in leveraged recapitalizations, buyouts, and growth capital investments. They were founded in 1992 and are based in New York with additional office in Washington, District Of Columbia.
The deal is subject to regulatory approval and customary closing conditions and is expected to close in the next few months.