ResMed to Acquire MatrixCare, Expands Out-of-Hospital SaaS Portfolio into Long-Term Care Settings
ResMed (NYSE: RMD) (ASX: RMD) today announced it has signed a definitive agreement to acquire privately held MatrixCare, a leader in U.S. long-term post-acute care software, serving more than 15,000 providers across skilled nursing, life plan communities, senior living and private duty.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181105005474/en/
These care settings are complementary to ResMed’s current software-as-a-service (SaaS) offerings in home medical equipment, home health and hospice, delivered through Brightree and HEALTHCAREfirst.
Named “Best in KLAS” for long-term post-acute care software in 2017 and 2018, Minnesota-based MatrixCare’s electronic health record (EHR) solution supports a wide range of long-term care settings, enabling providers to increase patient management efficiencies and deliver superior clinical care. Its wide range of offerings includes point of care, lead and referral management, claims processing, payroll and nutrition management, among others.
“The acquisition of MatrixCare is an excellent addition to the out-of-hospital software portfolio that we can offer our healthcare provider customers,” said ResMed CEO Mick Farrell. “ResMed is the world’s leading tech-driven medical device company and is well positioned to be the leading out-of-hospital software provider in the market. With our portfolio including Brightree, HEALTHCAREfirst, and MatrixCare, we will streamline transitions of care, creating better outcomes for patients, caregivers, and out-of-hospital healthcare providers.”
“By establishing a technology footprint across these major care settings, ResMed will drive an integrated ecosystem of solutions, such as maintaining single-patient records across multiple care settings, generating analytics and insights that can be applied to individuals and whole populations, and streamlining processes for healthcare providers across the care continuum,” said ResMed SaaS President Raj Sodhi.
“We’re thrilled to be part of a global healthcare leader that shares our mission, leveraging technology to improve the quality of life for seniors and those who care for them,” said MatrixCare CEO John Damgaard. “Out-of-hospital care today is incredibly fragmented, with individuals struggling to navigate across care settings, and providers often unable to assist. Like MatrixCare, ResMed’s software solutions smooth the path to faster, better care, and a smarter way for clinicians to do business. The entire MatrixCare team and I look forward to joining forces with them.”
Terms of the transaction
Under the agreement terms, ResMed will acquire MatrixCare for $750 million, which ResMed will fund primarily with its credit facility. In calendar year 2018, MatrixCare pro forma net revenue is estimated to be approximately $122 million, with a pro forma EBITDA of approximately $30 million.
The transaction is expected to be immediately accretive to non-GAAP gross margin and non-GAAP diluted earnings per share after close and beyond. The purchase price of $750 million represents a valuation multiple of 25 times the expected calendar year 2018 pro forma EBITDA of $30 million.
The transaction is expected to close by the end of the second quarter of ResMed’s fiscal year 2019, subject to customary closing conditions and any applicable regulatory approvals. Following completion of the transaction, ResMed intends to suspend its share repurchase program.
On completion of the transaction, MatrixCare will continue to operate as a standalone business within ResMed’s SaaS portfolio, with targeted commercial, technical and operating links to ResMed and Brightree. There will be no immediate changes to management, locations or business processes. MatrixCare CEO John Damgaard will continue in his current role, reporting to Raj Sodhi.
ResMed (NYSE: RMD) (ASX: RMD), a world-leading connected health company with more than 6 million cloud-connected devices for daily remote patient monitoring, changes lives with every breath. Its award-winning devices and software solutions help treat and manage sleep apnea, chronic obstructive pulmonary disease and other respiratory conditions. Its 6,000-member team strives to improve patients’ quality of life, reduce the impact of chronic disease and save healthcare costs in more than 120 countries. ResMed.com
Current and multi-time winner of the prestigious Best in KLAS for Long-Term Care Software award, MatrixCare is the complete solution for growing organizations that need to successfully manage risk in care delivery across the long-term post-acute care (LTPAC) spectrum. Trusted by more than 13,000 facility-based care settings and more than 2,500 home care, home health and hospice organizations, MatrixCare’s solutions help Accountable Care Organizations, skilled nursing and senior living providers, life plan communities, and home health organizations to connect, collaborate and prosper as we migrate to a fee-for-value healthcare system. In addition to electronic health record components purpose-built for any LTPAC care-setting, MatrixCare also includes solutions to systematically increase clinical quality: Enterprise Analytics, robust Clinical Decision Support and the industry’s first Care Coordination platform to create a true, person-centric, e-longitudinal health record and enable LTPAC providers to efficiently manage the populations under their care. Visit www.matrixcare.com and www.carecommunity.com for more information.
Statements contained in this news release that are not historical facts are “forward-looking” statements as contemplated by the Private Securities Litigation Reform Act of 1995. These forward-looking statements – including statements regarding ResMed’s projections of future revenue or earnings, expenses, new product development, new product launches and new markets for its products and the integration of acquisitions – are subject to risks and uncertainties that could cause actual results to materially differ from those projected or implied in the forward-looking statements. Additional risks and uncertainties are discussed in ResMed’s periodic reports on file with the U.S. Securities & Exchange Commission. ResMed does not undertake to update its forward-looking statements.
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Tilaa tiedotteet sähköpostiisi
Haluatko tietää asioista ensimmäisten joukossa? Kun tilaat mediatiedotteemme, saat ne sähköpostiisi välittömästi julkaisuhetkellä. Tilauksen voit halutessasi perua milloin tahansa.
Lue lisää julkaisijalta Business Wire
HKTDC Hong Kong Houseware Fair Opens in April20.3.2019 06:17:00 EET | Tiedote
Asia’s leading HKTDC Hong Kong Houseware Fair is welcoming its 34th edition in the Hong Kong Convention and Exhibition Centre from 20-23 April 2019. Some 2,200 global exhibitors will showcase a wide range of high-quality household items to global buyers. In 2018, over 29,500 buyers from 112 countries and regions visited the fair. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190319005980/en/ Asia's leading houseware fair. (Photo: Business Wire) WGSN to Curate the Latest Houseware Trends HKTDC is partnering with WGSN, a well-known trend forecasting agency, to curate the trend concept display areas, unveiling the Spring/Summer 2020 houseware trends with a variety of houseware and interior design products on display. “L.I.F.E.” Theme to Showcase Quality Products In order to create an easy-to-navigate setting and provide a superior sourcing experience, the Houseware Fair will continue to feature products under four main themes
New GSMA Study: China’s Mobile Ecosystem Equivalent To 5.5% Of China’s GDP20.3.2019 06:00:00 EET | Tiedote
China’s mobile ecosystem added RMB5.2 trillion ($750 billion) in value to the country’s economy last year, equivalent to 5.5 per cent of China’s GDP in 20181, according to a new GSMA report. The data features in the first ever China edition of the GSMA’s Mobile Economy report series, which is published today at a special roundtable event in Beijing to discuss the latest developments in the Chinese mobile industry as it enters the 5G era. “Our new report outlines how China’s mobile industry has been a key driver of economic growth, inclusion and modernisation – creating a new generation of digital consumers and transforming industry and society,” said Mats Granryd, Director General of the GSMA. “After spending billions over the last decade deploying 4G networks to all corners of the country, Chinese mobile operators are now set to invest a further RMB401 billion ($58 billion) over the next two years to prepare for and begin 5G rollouts, laying the groundwork for China to become one of t
Rimini Street CEO Visits Seoul, Addresses Changing IT Mission20.3.2019 02:00:00 EET | Tiedote
Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner, is committed to helping South Korean companies reduce ongoing IT operating costs and freeing up significant IT budget to invest in innovation, competitive advantage and growth, co-founder and CEO Seth A. Ravin explained during a press conference in Seoul. Mr. Ravin also highlighted continued strong and growing demand in Korea for the Company’s award-winning, ultra-responsive enterprise software support model, which is disrupting the $160 billion enterprise software maintenance market worldwide. As the 4th largest economy in Asia, and the 11th largest in the world, South Korea represents a large market opportunity for the Company. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190319005832/en/ Rimini Street CEO Visits Seoul,
SOTIO’s DCVAC/OvCa Significantly Improves Survival in Patients with Recurrent Ovarian Cancer19.3.2019 23:00:00 EET | Tiedote
SOTIO, a biotechnology company owned by the PPF Group, presented results from SOV02, its Phase II clinical trial evaluating DCVAC/OvCa, an active cellular immunotherapy product, in patients with recurrent ovarian cancer at 2019 SGO’s 50 th Annual Meeting on Women's Cancer today. Final analysis of SOV02 shows that DCVAC/OvCa decreased the risk of death significantly compared to patients who did not receive DCVAC/OvCa. Clinical trial results were presented during today’s SGO 2019 Plenary Session by SOV02 principal investigator David Cibula, MD, PhD from General University Hospital in Prague (Czech Republic). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190319005837/en/ In the randomized, open label SOV02 clinical trial, patients with recurrent ovarian cancer received DCVAC/OvCa in combination with platinum-based chemotherapy. Compared to patients who did not receive DCVAC, it decreased the risk of death by 62%. The combinati
OCP Announces Date of Fourth Quarter and Full Year 2018 Earnings19.3.2019 22:00:00 EET | Tiedote
OCP S.A. (“OCP” or the “Company”), a global leader in the fertilizer industry, will release its fourth quarter and full year 2018 results on Monday, March 25, 2019. The results will be available to holders of the Company’s bonds, qualified institutional buyers, securities analysts and market makers on the OCP Intralinks portal from 9:00 a.m. EDT, 2:00 p.m. Morocco time (GMT+1), and 1:00 p.m. London time (GMT). OCP senior management will host a conference call to discuss fourth quarter and full year 2018 results at 10:00 a.m. EDT, 3:00 p.m. Morocco time (GMT+1), and 2:00 p.m. London time (GMT) on Monday, March 25, 2019 for holders of the Company’s bonds, qualified institutional buyers, securities analysts and market makers. Eligible parties that have not already registered for access to the Intralinks portal may do so by contacting the Investor Relations Department by emailing firstname.lastname@example.org About OCP OCP is a global leader in the fertilizer industry, backed by almost a century’s
HCL and Xerox Expand Strategic Partnership to Accelerate Operational Transformation19.3.2019 19:51:00 EET | Tiedote
HCL Technologies (HCL), a leading global technology company, announced that it signed a managed services agreement with Xerox (NYSE: XRX). Under the terms of the agreement, HCL will manage portions of Xerox’s shared services, including global administrative and support functions, including, among others, selected information technology and finance functions (excluding accounting). Leveraging HCL’s global scale and capabilities, Xerox will strategically evolve its shared services into process-first, technology-led digital operations. This seven-year agreement for an incremental $1.3 billion continues to build on the success of the Xerox-HCL relationship, which began in 2009 with product engineering and support services. Under that agreement, HCL currently manages aspects of Xerox’s mechanical, electrical and software engineering activities for printer and imaging product lines. Together, HCL and Xerox have delivered 215 U.S. patents and have created world-class R&D labs that are tightly
Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.Tutustu uutishuoneeseemme