Thoma Bravo Completes Acquisition of NextGen Healthcare

SAN FRANCISCO and REMOTE-FIRST COMPANY, Nov. 10, 2023 /PRNewswire/ -- Thoma Bravo, a leading software investment firm, today announced the completion of its acquisition of NextGen Healthcare, Inc. ("NextGen Healthcare" or the "Company"), a leading provider of innovative, cloud-based healthcare technology solutions, for $1.8 billion. The agreement to be acquired was previously announced on September 6, 2023, and approved by NextGen Healthcare shareholders at the Special Shareholder Meeting held on November 7, 2023.

With the completion of the transaction, NextGen Healthcare shareholders are entitled to receive $23.95 per share in cash. The Company's common stock has ceased trading and will be delisted from Nasdaq.

"We are delighted to partner with Thoma Bravo to accelerate the delivery of transformational solutions to the ambulatory healthcare marketplace," said David Sides, President and Chief Executive Officer of NextGen Healthcare. "Our employees, clients and partners are unified behind our vision of achieving Better Healthcare Outcomes for All. By combining our deep healthcare domain expertise with Thoma Bravo's renowned operational expertise, we believe we can deliver on that vision faster."

"NextGen Healthcare's client-centric suite of solutions help solve some of the most critical problems facing ambulatory healthcare providers of all sizes across the country," said A.J. Rohde, a Senior Partner at Thoma Bravo. "Together with David and his team, we look forward to driving accelerated growth and product innovation to even better serve the healthcare industry – from provider to patient."

"We are excited to support NextGen Healthcare's long-term growth by leveraging Thoma Bravo's operational and software expertise," said Peter Hernandez, a Vice President at Thoma Bravo. "We look forward to adding new products and capabilities, both organically and inorganically, to continue enabling NextGen Healthcare's customers to deliver exceptional patient outcomes."

NextGen Healthcare serves more than 100,000 ambulatory healthcare providers who care for more than 65 million patients in the US. In 2023, NextGen^® Enterprise, the Company's flagship platform, was ranked the #1 EHR and PM by BlackBook Research. The Company's surround portfolio includes innovations designed to alleviate physician burnout and improve the patient experience including: AI-powered NextGen^® Ambient Assist, an ambient listening solution that securely populates the EHR; NextGen^® Mobile, which is rated 4.5 out of 5 stars by users on the app store; and NextGen Virtual Visits™, which has a patient satisfaction NPS score of 80. In addition, NextGen Healthcare serves the small practice market with its NextGen^® Office SaaS solution. The Company is also a leader in interoperability, with its solutions powering 35% of Health Information Exchanges (HIEs).

Advisors
Morgan Stanley & Co. LLC acted as financial advisor to NextGen Healthcare, and Latham & Watkins LLP acted as legal advisor.

William Blair & Company acted as financial advisor to Thoma Bravo, and Goodwin Procter LLP acted as legal advisor.

About NextGen Healthcare, Inc.
NextGen Healthcare, Inc., is a leading provider of innovative healthcare technology solutions. We are reimagining ambulatory healthcare with award-winning solutions that enable high-performing practices to create healthier communities. We partner with medical, behavioral and oral health providers in their journey toward whole person health and value-based care. Our highly integrated, intelligent and interoperable solutions go beyond EHR and Practice Management to increase clinical quality and productivity, enrich the patient experience and drive superior financial performance. We are on a quest to achieve better healthcare outcomes for all. Learn more at nextgen.com, and follow us on Facebook, Twitter, LinkedIn, YouTube, and Instagram.

About Thoma Bravo
Thoma Bravo is one of the largest software investors in the world, with more than US$131 billion in assets under management as of June 30, 2023. Through its private equity, growth equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo's deep sector expertise and strategic and operational capabilities, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20 years, the firm has acquired or invested in more than 450 companies representing over US$250 billion in enterprise value (including control and non-control investments). The firm has offices in Chicago, London, Miami, New York and San Francisco. For more information, visit Thoma Bravo's website at thomabravo.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/thoma-bravo-completes-acquisition-of-nextgen-healthcare-301984193.html

SOURCE Thoma Bravo