TPG has agreed to acquire Lenexa, Kansas-based Mediware Information Systems Inc, a provider of software for healthcare and human services providers. The seller is Thoma Bravo. No financial terms were disclosed for the deal that’s expected to close during the first quarter of 2017. BofA Merrill Lynch, Goldman Sachs and SunTrust Robinson Humphrey served as financial advisers to TPG on the acquisition.
LENEXA, KS – December 20, 2016 – Mediware Information Systems, Inc. (“Mediware” or “Company”), a leader in software for healthcare and human services providers, today announced that TPG Capital, the global private equity fund of leading alternative asset firm TPG, has entered into a definitive agreement to acquire the company from private equity firm Thoma Bravo. The transaction is expected to close during the first quarter of 2017 and is subject to customary closing conditions. Additional terms of the transaction were not disclosed.
“We are excited about the new partnership and believe that the common vision we share with the TPG team will significantly help advance Mediware’s market position and bolster the Company’s long-term growth,” said Thomas Mann, President and Chief Executive Officer of Mediware. “In partnering with TPG, Mediware will have access to substantial expertise and resources that will help us continue to build on the momentum we have experienced over the past four years. We expect a seamless transition process and look forward to working with TPG.”
Mediware is a leading supplier of software as a service (“SaaS”) and other software platforms for healthcare and human services providers and payors across acute, non-acute and community-based sites of care. Primary product categories include non-acute care, human and social services, blood management as well as medication management. Mediware prides itself on delivering high-quality solutions to meet the demands of complex workflows in demanding regulatory environments.
“Our software investment strategy has been focused on backing strong vertical market leaders in growing industries. We see a tremendous opportunity within healthcare IT as patient volumes move outside the four walls of a hospital, requiring investment in software to automate clinical and administrative functions in non-acute care settings,” said Nehal Raj, Partner at TPG. “As a supplier of best-in-class software to leading healthcare providers in these settings, Mediware is well-positioned to benefit from these trends. We look forward to working together with the Mediware team to build the market-leading non-acute care and human services software platform.”
“Our experience in the healthcare industry, across leading healthcare providers, payors and product companies, gives us a unique perspective into how technology can further transform healthcare,” said Jeffrey Rhodes, Partner at TPG. “TPG has a long history of partnering with leading companies in the healthcare sector that hold meaningful growth opportunities, and we look forward to working with the Mediware team to further realize the company’s potential.”
Thomas Mann added, “Thoma Bravo has been a strong partner and central to our success over the last four years, providing significant investment, industry experience and guidance. Their support has helped us accelerate our growth and complete important strategic acquisitions. We look forward to our new partnership with TPG and to continuing to grow the business.”
TPG has previously invested in a number of companies in the healthcare IT sector, including Evolent Health, IMS Health and Quintiles. The firm also has a long history of investing in software companies, including vertical market leaders such as Advent Software, CCC Information Services, Eze Software, Intergraph, Marshall & Swift, Sabre, Transporeon and Vertafore as well as emerging SaaS companies such as Box, C3 IoT, Domo, Tanium and Zscaler. Additionally, the firm’s healthcare investments have spanned disciplines and geographies, including pharmaceutical services leaders such as EnvisionRx; medical device and diagnostics companies such as Beaver Visitec, Biomet, Fenwal and Immucor; global healthcare providers such as Chindex, IASIS, Manipal Hospitals, Parkway and Surgical Care Affiliates; and pharmaceutical companies Adare, Aptalis and Par Pharmaceutical.
BofA Merrill Lynch, Goldman, Sachs & Co. and SunTrust Robinson Humphrey acted as financial advisors to TPG. Ropes & Gray LLP served as legal counsel to TPG.
Since 1980, Mediware has provided software solutions to healthcare providers and has since expanded to serve many state and federal agencies. Mediware’s solutions are perfect for high-growth, complex patient care environments that remain underserved by existing vendors. The company employs more than 650 subject matter experts who deeply understand business and care processes in highly specialized acute, non-acute, and community-based care settings and have years of experience integrating systems. Mediware’s portfolio of solutions currently includes human and social services, blood solutions, cellular therapy, homecare, medication management, rehabilitation, and respiratory therapy. For more information about Mediware products and services, visit www.Mediware.com.
TPG is a leading global alternative asset firm founded in 1992 with more than $74 billion of assets under management and offices in Austin, Beijing, Boston, Dallas, Fort Worth, Hong Kong, Houston, Istanbul, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, San Francisco, São Paulo, and Singapore. TPG’s investment platforms are across a wide range of asset classes, including private equity, growth venture, real estate, credit, and public equity. TPG aims to build dynamic products and options for its investors while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio. For more information, visit http://www.tpg.com/.