Payment service provider Global Payments has acquired healthcare billing platform AdvancedMD from Marlin Equity Partners.
The cash transaction is valued at $700m and is being made through a credit facility and cash in hand transaction.
For Q3 2018, the company is expecting AdvancedMD to add around $7m to $8m revenue, and have no impact on its earnings per share.
Utah-based AdvancedMD is an end-to-end platform that automates aspects of clinical and business workflows for independent physician practices and medical billing services. Services offered by the company include, in-house billing, scheduling, reporting and benchmarking, patient cards, electronic prescribing, patient portals, patient messaging and bulling visibility.
Its billing software enables businesses to manage claims and bills, as well as automating most of the processes involved with these tasks.
Global Payments CEO Jeff Sloan said, “We are delighted to expand our owned software portfolio with the addition of AdvancedMD, a leader in the large and fragmented healthcare vertical market.
“This acquisition aligns perfectly with our software-driven strategy and will add significant SaaS revenue in a new, attractive market with strong payment fundamentals, further accelerating our business mix toward technology enablement.”
Global Payments is a payments services provider helping companies accept payments via online, in-person, mobile, merchant tools and enterprise methods.
The Atlanta-based company helps businesses of varying size process payments, offering methods from contactless cards to near-field communication enabled wristbands. The platform, which is partnered with merchants in 31 countries across North America, Europe, Asia Pacific and Brazil, processes payments in a combined value of $28bn per annum, through 12,500 retailers.
Last September, Global Payments raised up to $607m in an equity fundraise which was supported by at least 39 backers, according to a US SEC filing.
Earlier in the year, AdvancedMD acquired a fellow medical billing company by purchasing Nuesoft Technologies. The deal was aimed at boosting its North American footprint which the company believes would rise by 27 per cent through the acquisition.
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