Florham Park-based Conduent said Wednesday that it closed on its previously announced sale of its Midas Health Analytics Solutions suite to symplr, a leader in enterprise health care operations, for $340 million.
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.
Net proceeds, after payment of taxes and related expenses, are expected to be approximately $270 million, and will be used for repayment of debt and investing in Conduent’s business.
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As previously disclosed, the transaction is part of Conduent’s ongoing strategy to focus on synergies within its portfolio to enhance shareholder and client value. Conduent will continue to provide a seamless transition for Midas clients and associates.
Health care organizations rely on Midas both to analyze clinical utilization and provider practice patterns and to collect outcome-based quality metrics. These performance results are disseminated as actionable insights to all stakeholders. Midas helps health care operations teams meet regulatory reporting requirements with the Joint Commission and the Centers for Medicare and Medicaid Services.