- ProVation posts more than $30 million EBITDA
- Jefferies retained as financial adviser
- Software helps doctors efficiently document clinical data
Wolters Kluwer NV is exploring the sale of its health division, ProVation Medical, according to people with knowledge of the matter.
The Netherlands information-services giant has hired Jefferies to advise on a process for the Minneapolis clinical-documentation-software business, the people said.
ProVation generates north of $30 million of EBITDA, the people said. The process is likely to include both sponsors and strategics, they said.
ProVation’s software helps physicians and other healthcare professionals document medical procedures more efficiently. The software is designed for different specialties and providers, with a large concentration in gastroenterology, one source noted.
By automatically generating procedure notes and reimbursement codes for doctors, among other things, the software serves to reduce costs, streamline workflow, ensure appropriate payment and improve clinical communication.
Wolters Kluwer, whose shares trade on the Euronext Amsterdam, purchased ProVation in January 2006. Terms weren’t disclosed.
In recent divestitures, Wolters Kluwer in June completed the sale of its transport services unit to German PE group Castik Capital for 82 million euros ($97 million).
In April, the company said it had retained Evercore to explore strategic alternatives for Corsearch, its trademark solutions business that operates under its governance, risk and compliance division.
Wolters Kluwer through its tax and accounting subsidiary bought Tagetik for 300 million euros in March.
Representatives of Wolters Kluwer did not immediately return requests for comment. A Jefferies spokesperson declined to comment.
Action Item: More about ProVation: www.provationmedical.com/
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