Frazier Healthcare Partners announced Tuesday it entered into a definitive agreement to acquire cloud-based electronic health record (EHR) provider MatrixCare from health tech company ResMed.
The healthcare private equity firm will buy MatrixCare for $490 million in an all-cash transaction, according to Resmed's filing with the U.S. Securities and Exchange Commission. The deal includes MatrixCare and related software offerings sold under its brand, including Healthcare First and Citus.
MatrixCare is a subsidiary of healthcare technology company Resmed and provides solutions to more than 15,000 providers in skilled nursing, senior living, long-term care, life planning communities, home health and hospice care.
“Frazier has spent several years evaluating the post-acute care technology sector and believes MatrixCare has established itself as a leading platform serving skilled nursing, senior living, and home health and hospice providers,” said Ryan Lucero, Frazier Healthcare Partners general partner, in a statement. “We are thrilled to partner with the MatrixCare team and plan to invest aggressively in product innovation to help providers deliver better outcomes as the post-acute care landscape continues to evolve," added Clarissa Berman, Principal at Frazier Healthcare Partners.
The transaction reflects Resmed’s 2030 strategy to focus on high-growth, scalable opportunities in sleep health, connected home-based healthcare and breathing health, executives say. It also strengthens the company’s ability to reallocate capital and resources towards innovation in its home-based care ecosystem.
Resmed CEO and Chairman Mick Farrell said in a statement the move is “about our disciplined approach to portfolio management and our commitment to driving long-term growth.”
“By focusing on areas where we see the greatest opportunity for sleep health innovation and impact, we are strengthening our ability to deliver life-changing health technologies, improve patient outcomes and create value for our stakeholders,” Farrell said. “We are confident MatrixCare and its affiliated businesses will continue to support team members and drive growth under new ownership with a dedicated focus on the long-term care market.”
The deal is expected to close during the third quarter of 2026 and is subject to customary closing conditions, including regulatory and shareholder approvals.