Allscripts, a global leader in health care technology, recently announced a definitive agreement to acquire Practice Fusion, for $100 million in cash, subject to adjustment for working capital and net debt.
Practice Fusion is a Silicon Valley pioneer in partnering with top-tier life sciences organizations to drive innovation. In combination with Allscripts existing payer and life sciences business, Allscripts expects to expand its big data insights and analytics, data sharing technologies, and clinical trial solutions to enable life sciences organizations to accelerate bringing life-changing therapies to market. Practice Fusion offers an affordable certified cloud-based EHR for traditionally hard-to-reach small, independent physician practices. Privately held Practice Fusion, founded in 2005 and based in San Francisco, supports 30,000 ambulatory practices and 5 million patient visits a month.
This strategic acquisition is expected to further advance Allscripts' strategy to offer the most comprehensive, high performing health information technology and solutions. Practice Fusion's EHR will complement and round out Allscripts existing ambulatory clinical portfolio, providing a value offering and "last mile" reach to the underserved clinicians in small and individual practices.
"By adding Practice Fusion offerings to our portfolio, Allscripts will be further positioned for continued growth and long-term leadership in healthcare," says Allscripts President Rick Poulton. "Combined with Practice Fusion, we expect Allscripts to continue to drive innovation in addressing gaps-in-care, improving clinical outcomes and real-world-evidence research. Plus, Practice Fusion's affordable EHR technology supports traditionally hard-to-reach independent physician practices, and its cloud-based infrastructure aligns with Allscripts forward vision for solution delivery."
Poulton continues, "We believe this transaction will directly benefit Practice Fusion clients, who will now have access to Allscripts solutions and services. We look forward to welcoming Practice Fusion team members to our family. Allscripts highest priority remains to successfully meet health care providers' highly complex needs as we enable them to lead the change to smarter care."
This transaction is targeted to close in the first quarter of calendar 2018, subject to the satisfaction of customary closing conditions, including the expiration or termination of the waiting period under US antitrust laws.
Allscripts intends to fund the purchase price through its existing secured credit facilities and cash balances.
Additional details of the acquisition are available in a Form 8-K to be filed by Allscripts with the Securities and Exchange Commission.
— Source: Allscripts