On February 9, 2022 symplr completed its acquisition of Midas Health Analytics from Conduent Incorporated. The deal was valued at $340 million.
Symplr is a Software developer located in Houston, Texas. Symplr was founded in 2006 and is a leader in healthcare operations solutions, anchored in governance, risk management, and compliance, symplr enables enterprise customers to efficiently navigate the unique complexities of integrating critical business operations in healthcare. Their healthcare-specific software solutions and professional services provide value far beyond single, siloed solutions and enhance customers’ ability to achieve truly connected, integrated, enterprise-wide operational efficiencies.
For over 30 years, healthcare organizations have trusted their expertise and depended on their provider data management, workforce and talent management, contract management, spend management, access management, and compliance, quality, safety solutions to help drive better operations for better outcomes.
Midas Health Analytics Solutions offers strategic guidance, tactical plans, and care management interventions to help healthcare customers. The sale consists of the Midas suite of patient safety, quality, and advanced analytics solutions, including DataVision and Statit, supporting approximately 2,200 healthcare facilities. The Midas suite of solutions generated $72 million in 2020 revenue.
“As part of our strategy to streamline our portfolio, we consider divestitures of select businesses in order to enhance shareholder and client value,” said Cliff Skelton, Conduent President and CEO. “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 healthcare industry.”
Midas operates largely independent of Conduent’s other healthcare offerings, even though they are a key partner to healthcare providers. Conduent core offerings will continue to include a range of solutions for the healthcare industry.
"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, 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."
As per the press release issued by symplr on February 9, 2022 - The addition of the Midas Health Analytics Solutions strengthens symplr’s best-in-class SaaS-based GRC portfolio. Midas bolsters symplr’s ability to improve patient safety and outcomes through its powerful and comprehensive portfolio of patient safety, quality, and advanced analytics software solutions utilized by healthcare organizations across the continuum of care. Midas' wide-ranging capabilities make incorporating data from diverse information systems easy, assisting in proper reporting, documentation, workflow management, and measurement against years of curated benchmark data.
The acquisition of Midas represents symplr’s 15th acquisition in the past six years, and its tenth under sponsorship from Clearlake since November 2018. Additionally, in January 2022, Clearlake and symplr announced new and follow-on capital via a Clearlake-managed single asset vehicle fund, providing symplr with access to approximately $1.6 billion in equity capital. Clearlake’s strategic investment enables symplr to continue aggressively pursuing its organic growth initiatives and acquisition strategy, as highlighted by the Midas acquisition.
Clearlake Capital Group, L.P., was founded in 2006 and is an investment firm operating integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the firm seeks to partner with experienced management teams by providing patient, long term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.® The firm’s core target sectors are technology, industrials, and consumer. Clearlake currently has approximately $70 billion of assets under management, and its senior investment principals have led or co-led over 300 investments. The firm has offices in Santa Monica and Dallas. More information can be found on their website at www.clearlake.com
