Thoma Bravo Completes $1.8 bn Acquisition of NextGen Healthcare

Thoma Bravo, a prominent software investment firm, has successfully finalized its acquisition of NextGen Healthcare, a leading provider of innovative, cloud-based healthcare technology solutions, in a deal valued at $1.8 billion.
VC funding for techThe acquisition, initially disclosed on September 6, 2023, received unanimous approval from NextGen Healthcare shareholders during the Special Shareholder Meeting conducted on November 7, 2023.

Under the terms of the agreement, shareholders of NextGen Healthcare will receive $23.95 per share in cash. As a result, the company’s common stock has ceased trading and is set to be delisted from Nasdaq.

NextGen Healthcare plays a pivotal role in the healthcare sector, serving over 100,000 ambulatory healthcare providers who collectively care for more than 65 million patients across the United States. In 2023, the company’s flagship platform, NextGen Enterprise, earned the top spot as the #1 EHR (Electronic Health Record) and PM (Practice Management) system according to BlackBook Research.

Among NextGen Healthcare’s notable portfolio offerings are the AI-powered NextGen Ambient Assist, an ambient listening solution that securely populates the EHR; NextGen Mobile, rated 4.5 out of 5 stars by users on the app store; and NextGen Virtual Visits, boasting a patient satisfaction NPS score of 80.

Furthermore, the company has a significant presence in the small practice market with its NextGen Office SaaS solution. NextGen Healthcare is recognized as a leader in interoperability, with its solutions powering 35 percent of Health Information Exchanges (HIEs).

The completion of this acquisition marks a strategic move by Thoma Bravo into the rapidly evolving healthcare technology landscape and positions NextGen Healthcare for continued growth and innovation in the sector.