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Vista Equity Partners Completes Acquisition of Sage Healthcare DivisionLeading Clinical and Financial Information Technology Firm to Be Named "Vitera Healthcare Solutions" (November 10, 2011)
TAMPA, FL -- (Marketwire) -- 11/10/11 -- Vista Equity Partners today announced it has completed its acquisition of the Sage Healthcare Division from The Sage Group plc in an agreement that was announced on September 22, 2011. The new company will be called Vitera Healthcare Solutions (Vitera), which will continue serving the ambulatory market with its current line of electronic health records (EHR), practice management and revenue cycle management products.
Vitera's industry leading products include Intergy, Intergy EHR, Practice Analytics, Practice Portal, STS, as well as the ground breaking Medical Manager practice management product. As one of the largest healthcare solutions providers in the EHR and practice management markets, Vitera serves more than 400,000 healthcare professionals including 80,000 physicians. Vitera's products are also used by approximately 20 percent of all community health centers in the United States, and process more than 33 million transactions and 1.8 million e-prescriptions monthly.
As part of the closing of the transaction Betty Otter-Nickerson, former President of Sage Healthcare Division, will be transitioning her leadership responsibilities to the newly appointed CEO of Vitera, Matthew Hawkins. Otter-Nickerson will remain a part of Vitera to support the transition for the remainder of the year. "I have enjoyed playing a role in growing Sage Healthcare and managing the company through this transition. Vitera is well positioned with a new owner and a new leader to make the strategic investments necessary to continue growing and providing industry leading solutions to healthcare professionals and physicians," said Otter-Nickerson.
"I'm excited to join Vitera as we enter this next phase of growth. As a standalone company, we will be laser focused on our clients' practices as we commit to improving our existing solutions and developing new innovative products to help them improve business and healthcare outcomes," said Matthew Hawkins, Chief Executive Officer of Vitera Healthcare Solutions.
Hawkins held the role of Vice President and General Manager of Henry Schein Practice Solutions, a provider of healthcare software, revenue cycle management, electronic claims aggregation and value-added services to more than 65,000 oral health practices. He also served as a strategy consultant for McKinsey & Company. He received an MBA from Harvard Business School and a Bachelor of Science degree from Brigham Young University.
Most recently Hawkins was CEO at SirsiDynix, a global software company which brings the power of knowledge and information to nearly 150 million users affiliated with more than 23,000 library facilities in 70 countries. Prior to this he was COO at SirsiDynix, where he helped transform the sales and operations of the business to better serve its customers.
News of the transaction will be seen as a positive direction for the company and its clients, according to healthcare analyst Judy Hanover, Research Director at IDC Health Insights. "The changes to the business will help focus the company's efforts and align technology to meet the strengths of its core," Hanover said. "Vista's approach should bring stability to the company and create more energy for the EHR and practice management portfolio. The new business creates an opportunity for the company to focus on the needs of its clients in the healthcare space."
Vitera client Rohan D'Souza of D'Souza and Associates, Hockessin, DE, said he supports Vista's decision to purchase the business and looks forward to the focus a Vitera partnership will bring him. "I am thrilled about the Vista acquisition for many reasons. In the current form, the product and services provide great models for success. Now Vista can take the healthcare business to even greater heights," Rohan said. "With Vista's backing, I am optimistic that Vitera will strive to deliver top-notch solutions to all current and prospective clients."
More than 13.5 million patient interactions are recorded each year using Vitera's solutions, which are a fit-to-need for more than 20 specialty concentrations representing more than 88 percent of the total ambulatory healthcare market, including primary care, OBGYN, pediatrics, cardiology, orthopedics, endocrinology, gastroenterology, geriatrics, multi-specialty, urology, general surgery, and neurology, among others, in all sized practices.
Vitera is committed to maintaining its current product line, including the popular Medical Manager and the robust Intergy PM and Intergy EHR. Additionally, all certifications will remain. For example, Vitera's certified Intergy Meaningful Use Edition will continue to be the ideal solution for physicians looking to achieve federal Meaningful Use incentives.
About Vitera Healthcare Solutions
Vitera Healthcare Solutions provides end-to-end clinical and financial technology solutions so physicians and medical professionals can work with patients instead of paperwork. Serving more than 400,000 healthcare professionals including 80,000 physicians, Vitera Healthcare Solutions provides electronic health records and practice management systems, processes 33 million transactions and 1.3 million e-prescriptions monthly, and serves several specialties including primary care, OB/GYN, pediatrics, cardiology and orthopedics in all sized practices and Community Health Centers. Physician-focused and patient centric, Vitera Healthcare Solutions is based in Tampa, FL. For more information, visit www.viterahealthcare.com or call (877) 932-6301. Follow Vitera Healthcare Solutions on Facebook, http://www.facebook.com/ViteraHealthcare, and Twitter, http://twitter.com/#!/ViteraHealth.
Vista Equity Partners
Vista Equity Partners, a U.S. based private equity firm with offices in San Francisco, Chicago and Austin, currently invests over $5 billion in capital committed to dynamic, successful technology-based organizations led by world-class management teams with long-term perspective. Vista is a value-added investor, contributing professional expertise and multi-level support towards companies realizing their full potential. Vista's investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity in private equity investing. For further information please visit www.vistaequitypartners.com.
Vitera Healthcare Solutions
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