M&A Deal Summary

Evergreen Coast Capital and Veritas Capital Acquires athenahealth

On November 12, 2018, private equity firms Evergreen Coast Capital Corp. and Veritas Capital acquired internet software and services company athenahealth, Inc. for 5.7B USD

Acquisition Highlights
  • This is Evergreen Coast Capital’s 1st and Veritas Capital’s 1st transaction in the Internet Software and Services sector.
  • This is Evergreen Coast Capital’s 1st and Veritas Capital’s 1st largest (disclosed) transaction.
  • This is Evergreen Coast Capital’s 2nd and Veritas Capital’s 26th transaction in the United States.
  • This is Evergreen Coast Capital’s 1st and Veritas Capital’s 4th transaction in Massachusetts.
Investment Fate
  • athenahealth was sold to a consortium of financial buyers in 2021 for 17.0B USD.

M&A Deal Summary

Date 2018-11-12
Target athenahealth, Inc.
Sector Internet Software and Services
Buyer(s) Evergreen Coast Capital Corp.
Veritas Capital
Deal Type Going Private
Deal Value 5.7B USD
Advisor(s) Lazard Ltd.
Centerview Partners LLC (Financial)
Weil Gotshal & Manges LLP (Legal)

Target

athenahealth, Inc.

Watertown, Massachusetts, United States
website
athenahealth is a provider of Internet-based business services for physician practices. The Company's service offerings are based on proprietary web-native practice management and electronic health record (EHR) software, a continuously updated payer knowledge-base, integrated back-office service operations, and live patient communications services. athenahealth was formed in 1997 and is headquartered in Watertown, Massachusetts.

Search 161,083 Deals Now

SEARCH BY

  • Buyer Type (PE or Strategic)
  • Deal Size ($10M to $10B+)
  • Sector (60 Sectors)
  • Deal Type
  • Geography
  • & More

Try For Free 7-Day Free Trial

Buyer(S) 2

Buyer

Evergreen Coast Capital Corp.


Category Private Equity Firm
SizeSmall
Type Sector Agnostic
DESCRIPTION


DEAL STATS #
Overall 2 of 4
Sector (Internet Software and Services) 1 of 1
Type (Going Private) 1 of 2
State (Massachusetts) 1 of 1
Country (United States) 2 of 3
Year (2018) 1 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-23 WorkForce Software LLC

Livonia, Michigan, United States

WorkForce Software LLC provides enterprise clients with software solutions to manage employee time and labor schedules, control and manage employee absences, create employee schedules, and track employee compliance.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-10 Travelport Worldwide Ltd.

Langley, United Kingdom

Travelport is a developer of travel commerce platform to provide distribution, technology, payment and other solutions for the global travel and tourism industry. The company facilitates travel commerce by connecting the world’s leading travel providers with online and offline travel buyers in a proprietary business-to-business (B2B) travel marketplace. Travelport was founded in 2006 and is based in Langley, United Kingdom.

Buy $4.4B
Buyer

Veritas Capital

New York, New York, United States

website


Category Private Equity Firm
Founded 1992
PE ASSETS 5.8B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Veritas Capital is a private equity investment firm that targets investments in defense, aerospace, government services, media/telecommunications, consumer products, and specialty manufacturing companies. Veritas generally partners with management when pursuing investments. Prospective transaction situations include buyouts, growth capital investments, and leveraged recapitalizations. Veritas Capital was established in 1992 and is based in New York City.


DEAL STATS #
Overall 27 of 32
Sector (Internet Software and Services) 1 of 3
Type (Going Private) 3 of 4
State (Massachusetts) 4 of 4
Country (United States) 26 of 31
Year (2018) 5 of 5
Size (of disclosed) 1 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-15 Cambium Learning Group, Inc.

Dallas, Texas, United States

Cambium Learning Group, Inc. is an educational technology solutions company dedicated to helping all students reach their potential through individualized and differentiated instruction. Using a research-based, personalized approach, Cambium Learning Group, Inc. delivers SaaS resources and instructional products that engage students and support teachers in fun, positive, safe and scalable environments. These solutions are provided through Learning A-Z® (online differentiated instruction for elementary school reading, writing and science), ExploreLearning® (online interactive math and science simulations and a math fact fluency solution) and Voyager Sopris Learning® (blended solutions that accelerate struggling learners to achieve in literacy and math and professional development for teachers). We believe that every student has unlimited potential, that teachers matter, and that data, instruction, and practice are the keys to success in the classroom and beyond.

Buy $900M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-18 Standard Aero Holdings, Inc.

Winnipeg, Ontario, Canada

StandardAero is an independent maintenance, repair and overhaul (MRO) providers. StandardAero offers extensive MRO services and custom solutions for business aviation, commercial aviation, military, and industrial power customers.

Sell -