Florham Park-based Conduent said Tuesday that its Midas Health Analytics Solutions suite is being acquired by symplr, a leader in enterprise health care operations, for $340 million. The deal is expected to close in the first quarter of 2022.
The sale consists of the Midas suite of patient safety, quality and advanced analytics solutions, including DataVision and Statit, which supports approximately 2,200 health care facilities. In 2020, the Midas suite of solutions generated $72 million in 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 CEO and president. “We believe this is a mutually beneficial transaction, and we are focused on providing a seamless transition for our clients. We are committed to delivering robust business process solutions to all industries, including the health care industry.”
Texas-based symplr is backed by Clearlake Capital Group and Charlesbank Capital Partners.
While Midas is a key partner to health care providers, it operates largely independent from Conduent’s other health care offerings, which will continue to include a range of solutions for the health care industry that enhance member experiences, elevate claims automation and optimize key business operations to drive process and cost efficiencies across the health care ecosystem.
Symplr has been committed to improving health care operations through its Software-as-a-Service solutions for more than 30 years, driving better operations for better outcomes. The addition of Midas suite will strengthen symplr’s comprehensive health care operations solutions, especially in the areas of risk management and compliance.
“The addition of the Midas suite of solutions to symplr’s current best-in-class compliance, quality and safety offerings will bolster our ability to improve patient safety and outcomes by efficiently measuring and managing risk, quality, and compliance,” said B.J. Schaknowski, CEO of symplr. “We’re excited to further enhance our customers’ ability to achieve truly connected, integrated, enterprise-wide operational efficiencies in ways that no single point solution can achieve.”
Sidley Austin LLP provided legal counsel for symplr and Holland & Knight LLP provided legal counsel for Conduent.
