Symplr to buy Midas analytics solutions suite from Conduent in $340M all-cash deal

Symplr, a provider of cloud-based data management solutions, is set to acquire Conduent’s Midas Suite of Solutions in a $340 million all-cash deal.

Symplr delivers cloud-based software solutions to help healthcare organizations develop data-driven strategies to improve patient outcomes. These solutions work to integrate often-siloed areas of healthcare operations like governance and risk management.  

The Midas solutions suite includes patient safety, quality and advanced analytics solutions including DataVision and Statit that are used by 2,200 healthcare facilities.

The suite pulls from a databank of more than 100 million claims and comparative data from 800 hospitals, offering interventions for strategic guidance, tactical plans and care management.

In 2020, the suite generated $72 million in revenue.

“Midas Health Analytics Solutions brings actionable data and insights to help symplr’s health system clients improve patient care and deliver better outcomes,” said BJ Schaknowski, CEO of symplr, in a statement. “With integrated quality outcomes and machine learning-based advanced analytics, our combined compliance, quality and safety software portfolio can better predict patient-specific risks, deliver population health insights and proactively improve and support business intelligence performance further advancing symplr’s mission of transforming healthcare operations.”

The deal, which is expected to close in the first quarter of 2022, marks symplr’s fourteenth acquisition of the past six years.

In October, the company completed its acquisition of clinical communication and collaboration software maker Halo Health.

Nine out of every 10 U.S. hospitals and health systems use symplr’s technologies, according to the company.

Founded in 2006, symplr is backed by Clearlake Capital Group and Charlesbank Capital Partners.

“Symplr is committed to delivering the industry’s deepest healthcare operations and GRC software portfolio,” said Ryan Carroll, managing director of Charlesbank. “The acquisition of the Midas suite of solutions will extend symplr’s comprehensive quality and safety offering, helping health systems to improve operations and patient safety.”

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The company also announced a partnership with WebMD in August to expand its reach to consumers. The collaboration uses symplr’s provider data management search platform to direct consumers seeking health information on WebMD to schedule appointments with participating providers in a seamless workflow.

Using the WebMD Care provider directory, patients can search for doctors in their area and find open appointments with direct scheduling in the EHR, aided by symplr’s integration—an effort to create a “digital front door” to healthcare, the companies said.

Because Midas largely operates independently from Conduent’s other healthcare offerings, the company said, the divestiture is not expected to disrupt those offerings.

The company will continue to provide solutions for claims automation and patient engagement among other focus areas.

“As part of our strategy to streamline our portfolio, we consider divestitures of select businesses in order to enhance shareholder and client value,” said Cliff Skelton, president and CEO of Conduent. “We believe this is a mutually beneficial transaction and we are focused on providing a seamless transition for our clients.”