JLL Partners has agreed to acquire healthcare analytics software firm MedeAnalytics from Thoma Bravo, according to people familiar with the deal.
The deal, which has yet to close, is valued at around $200 million to $250 million, some of the sources told PE Hub.
Chicago’s Thoma Bravo, whose investment dates to September 2015, is expected to exit its investment in full.
For JLL, a New York mid-market firm, MedeAnalytics is set to be its second new healthcare platform this year. The firm in early March committed an initial $100 million to form Renovo Health alongside industry executive Bart Doedens to buy and build technologies to improve medical and dental procedures.
JLL’s deal for MedeAnalytics concludes a sale process that kicked off earlier this year, with Jefferies originally engaged several months ago for financial advice. The Wall Street Journal originally reported the advisor engagement in January, citing an EBITDA figure of approximately $27 million.
MedeAnalytics, headquartered in Richardson, Texas, provides software-as-a-services that uses machine learning, guided analysis and predictive analysis to help healthcare companies make smarter decisions. The company serves more than 1,500 provider and payer organizations, according to its website.
Paul Kaiser leads the company as CEO, joining the company in 2017 from TriZetto Provider Solutions.
Prior to Thoma’s ownership, investors in MedeAnalytics included Bain Capital Ventures and Emergence Capital Partners.
Another Thoma portfolio company to keep tabs on is Imprivata, a healthcare-focused information security company. The company called off its sale process in March just ahead of its second round amid pandemic fears, PE Hub reported at the time. The company has yet to restart a sale process, sources recently said.
Elsewhere, Thoma Bravo is weighing the sale of work and resource management provider Planview, PE Hub reported earlier this month.
For JLL, MedeAnalytics will join its existing healthcare portfolio including American Dental Partners, Cato Research, EVERSANA, Medical Card System and Viant Medical.
JLL and MedeAnaltyics’ CEO didn’t return requests for comment. Thoma Bravo and Jefferies declined to comment.
Action Item: Check out JLL’s latest Form ADV