M&A Deal Summary

Veritas Capital and Evergreen Coast Capital Acquire athenahealth

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

Acquisition Highlights
  • This is Veritas Capital’s 2nd and Evergreen Coast Capital’s 1st transaction in the Internet Software and Services sector.
  • This is Veritas Capital’s 2nd and Evergreen Coast Capital’s 3rd largest (disclosed) transaction.
  • This is Veritas Capital’s 26th and Evergreen Coast Capital’s 2nd transaction in the United States.
  • This is Veritas Capital’s 3rd and Evergreen Coast Capital’s 1st 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
Sector Internet Software and Services
Buyer(s) Veritas Capital
Evergreen Coast Capital
Deal Type Going Private
Deal Value 5.7B USD
Advisor(s) Lazard Ltd.
Centerview Partners (Financial)
Weil Gotshal & Manges (Legal)

Target

athenahealth

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 founded in 1997 and is based in Watertown, Massachusetts.

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Buyer(S) 2

Buyer

Veritas Capital

New York, New York, United States

website

Category Private Equity Firm
Founded 1992
PE ASSETS 40.0B USD
Size Mega
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 40
Sector (Internet Software and Services) 2 of 4
Type (Going Private) 3 of 6
State (Massachusetts) 3 of 4
Country (United States) 26 of 38
Year (2018) 5 of 5
Size (of disclosed) 2 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-15 Cambium Learning Group

Dallas, Texas, United States

Cambium Learning Group 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 delivers SaaS resources and instructional products that engage students and support teachers in fun, positive, safe and scalable environments. Cambium Learning Group is based in Dallas, Texas.

Buy $900M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-18 StandardAero

Winnipeg, Ontario, Canada

StandardAero is an independent maintenance, repair, and overhaul (MRO) provider. The Company offers extensive MRO services and custom solutions for business aviation, commercial aviation, military, and industrial power customers. StandardAero is based in Winnipeg, Ontario.

Sell -
Buyer

Evergreen Coast Capital

Category Private Equity Firm
Size Small
Type Sector Agnostic
DESCRIPTION

Evergreen Coast Capital is a private equity firm that invests in a variety of industries and situations throughout the US. Evergreen Coast Capital is headquartered in Menlo Park, California.

DEAL STATS #
Overall 2 of 6
Sector (Internet Software and Services) 1 of 1
Type (Going Private) 1 of 4
State (Massachusetts) 1 of 1
Country (United States) 2 of 5
Year (2018) 1 of 2
Size (of disclosed) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-23 WorkForce Software

Livonia, Michigan, United States

WorkForce Software 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. WorkForce Software was founded in 1999 and is based in Livonia, Michigan.

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

Langley, United Kingdom

Travelport is a developer of a 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, England.

Buy $4.4B
Mergr

Product

Company

Legal