Mediware Information Systems Inc., a Lenexa, Kansas-based provider of software for health care and human services providers, is being acquired by TPG Capital, the global private equity fund of leading alternative asset firm TPG, from private equity firm Thoma Bravo.
The transaction is expected to close during the first quarter of 2017, subject to customary closing conditions. 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 CEO of Mediware, in a news release. “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.”
According to the news release, Mediware is a leading supplier of software as a service (“SaaS”) and other software platforms for health care and human services providers and payors across acute, non-acute and community-based sites of care. The company’s primary product categories include non-acute care, human and social services, blood management as well as medication management.
“Our software investment strategy has been focused on backing strong vertical market leaders in growing industries,” said Nehal Raj, Partner at Fort Worth and San Francisco-based TPG. “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.”
TPG has previously invested in a number of companies in the health care 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.
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.