Medical device firm ResMed has signed an agreement to acquire the US healthcare IT company Brightree for $800m.
Brightree provides business management and clinical software services to the post-acute care industry.
ResMed CEO Mick Farrell said: "This acquisition furthers ResMed’s position as the leading tech-driven medical device company and gives our customers new tools to help them increase operational efficiency and improve cash-flow while delivering best-in-class patient care."
Brightree’s cloud-based software enables customers to enhance clinical and business performance in the post-acute care industries of home/durable medical equipment (HME/DME), home health and hospice areas.
The company serves over 2,500 organizations in the HME, home health, hospice, orthotic and prosthetic, HME pharmacy, home infusion and rehabilitation home care segments.
It has generated net sales of around $113m and EBITDA of about $43m in last fiscal year.
Brightree president and CEO Dave Cormack said: "The Brightree team is very excited to join forces with ResMed to help post-acute care providers navigate the inherent complexities of the healthcare system and ensure that patients get the care they need."
Subject to customary closing conditions and regulatory approvals, the deal is expected to complete by the end of this year.
Once the deal concludes, Brightree will continue to operate as a separate entity with the same brand name.
With operations in around 100 countries, ResMed produces devices for the diagnosis, treatment and management of sleep-disordered breathing, COPD and other chronic conditions.
Image: ResMed to acquire the US healthcare IT firm Brightree. Photo: courtesy of Chaiwat / FreeDigitalPhotos.net.