Business process services provider Conduent Inc. said Jan. 4 that it agreed to sell its Midas Suite of Solutions to Houston-based symplr for $340 million in cash.
The Midas assets include patient safety, quality, and advanced analytics solutions, including DataVision and Statit, supporting approximately 2,200 health care facilities. The operations generated $72 million in revenue over the course of 2020, according to Conduent.
“As part of our strategy to streamline our portfolio, we consider divestitures of select businesses in order to enhance shareholder and client value,” Conduent President and Chief Executive Officer Cliff Skelton said in a statement. “We believe this is a mutually beneficial transaction which will allow us to advance our capital allocation priorities. We are focused on providing a seamless transition for our associates and clients and are committed to delivering robust business process solutions to all industries, including the health care industry.”
The buyer is a provider of cloud-based software products for health care businesses. The company is backed by Clearlake Capital Group and Charlesbank Capital Partners.
“Midas Health Analytics Solutions brings actionable data and insights to help symplr’s health system clients improve patient care and deliver better outcomes,” said BJ Schaknowski, the CEO of symplr. “With integrated quality outcomes and machine learning-based advanced analytics, our combined compliance, quality and safety software portfolio can better predict patient specific risks, deliver population health insights, and proactively improve and support business intelligence performance further advancing symplr’s mission of transforming healthcare operations.”
Sidley Austin LLP provided legal counsel to symplr; Holland & Knight LLP counseled Florham Park-based Conduent.
Skelton was named CEO of Conduent in February 2020 after holding the top job on an interim basis for seven months. The company said at the time that it would will focus on simplifying its portfolio and investing to optimize, enhance and expand as needed to increase shareholder value.