health technology leader athenahealth to be acquired by Hellman & Friedman and Bain Capital for $17 billion

WATERTOWN, Mass., November 22, 2021–(BUSINESS WIRE)–athenahealth, Inc. (“athenahealth” or “the Company”), a leading provider of cloud-based enterprise software solutions for medical groups and healthcare systems worldwide. Nationwide, today announced that it has entered into a definitive agreement to be jointly acquired by subsidiaries of Bain Capital and Hellman & Friedman for $17 billion. Purchase from Veritas Capital and Evergreen Coast Capital confirms athenahealth’s position as the largest and most innovative provider of cloud-based electronic medical records and medical practice solutions across the continuum health care in the United States.

athenahealth partners with more than 140,000 ambulatory care providers, in all 50 states and in more than 120 specialties, to accelerate the pace of healthcare innovation and support the achievement of clinical and financial results peak. athenahealth’s solutions and services enable its customers to increase clinical efficiency, optimize financial performance, improve patient care outcomes, and help providers accelerate their transition to patient-based care. the value. The Company’s athenaOne cloud platform addresses the critical aspects of a physician’s practice – with modules spanning patient engagement, revenue cycle, telehealth, payments, population health and management value-based care. athenahealth delivers this suite of capabilities to customers by combining powerful SaaS technology with expert services and data-driven insights from the nation’s largest single connected network.

“Today marks an important milestone for athenahealth and our partnership with Veritas Capital and Evergreen Coast Capital, and we are excited to work with Hellman & Friedman and Bain Capital to drive the next phase of our growth journey. Our employees, customers and partners are the source of our success and inspiration as we create a thriving ecosystem that delivers accessible, high-quality and sustainable healthcare for all,” said Bob Segert, President and CEO of athenahealth, who will continue to lead the company with the current management team.

“Given our extensive background in software and healthcare, we are excited to work with Bob and the leadership team to rapidly scale the business and continue to innovate and grow alongside our healthcare customers. disruptive and innovative outpatient services to lay the foundation for a multi-faceted digital care network between patient, payer and provider,” said Allen Thorpe, Partner at Hellman & Friedman. “Athenahealth’s technology leadership has differentiated the company as a next-generation cloud-based SaaS technology platform, facilitating innovation in a dynamic and rapidly changing market,” added Sameer Narang, Partner at Hellman & Friedman.

“athenahealth is at the frontier of digital health in the United States, improving clinical quality, operational efficiency and the delivery of preventive care to nearly 20% of the population today, opening the door to the journey consumer healthcare and positioning the company to support physicians in the continued transition to value-based care,” said Devin O’Reilly, Managing Director of Bain Capital Private Equity. “We are excited to leverage our extensive vertical and healthcare software experience to help Bob and the management team accelerate growth, develop new products, gain market share and continue to innovate in a highly scalable end market and of vital importance,” added David Humphrey, managing director of Bain Capital Private Equity.

“During our successful partnership with Bob and the leadership team, athenahealth has generated tremendous growth and transformation, solidifying its position as the premier healthcare IT company supporting the largest national network of healthcare providers” , said Ramzi Musallam, CEO and Managing Partner. of Veritas Capital. “Following our privatization and association with Virence in 2019, athenahealth has delivered unparalleled value to its customers by significantly increasing R&D investment, resulting in better quality of care, lower costs across health ecosystem and overall improvement in patient outcomes. We are excited to continue to support the company alongside Evergreen, Hellman & Friedman and Bain Capital in the years to come.”

“athenahealth demonstrates what can happen when a team of dedicated and talented employees and executives are given the right resources to invest in innovation and to help improve the quality of care that its providers are able to provide,” said said Jesse Cohn, Managing Partner, and Marc Steinberg, Senior Portfolio Manager, on behalf of Evergreen Coast Capital, a subsidiary of Elliott Investment Management. “Elliott is proud to have worked with Veritas to help transform athenahealth, and we welcome Hellman & Friedman and Bain Capital as new directors of this unique and important healthcare leader.

In addition to Hellman & Friedman, Bain Capital Private Equity and Bain Capital Tech Opportunities, the investor group includes Veritas Capital and Evergreen Coast Capital, which will each retain a minority investment in athenahealth, as well as other new co-investors including GIC, the Singaporean sovereign wealth fund and a 100% subsidiary of the Abu Dhabi Investment Authority (ADIA).

The investment is expected to be completed in the first quarter of 2022 and is subject to regulatory approvals and customary closing conditions.

Evercore and Goldman Sachs & Co. LLC. are acting as lead financial advisors, and Milbank LLP as legal advisor, to athenahealth and Veritas Capital. Deutsche Bank Securities Inc., Barclays, Morgan Stanley & Co. LLC., BMO Capital Markets and BofA Securities, Inc. are acting as financial advisors, and Kirkland & Ellis LLP is acting as legal advisor to Hellman & Friedman and Bain Capital.

About athenahealth, Inc.

athenahealth creates innovative healthcare technology that connects clinicians, patients, payers and partners in differentiated ways. Our electronic health records, revenue cycle management, and patient engagement tools enable anytime, anywhere access, improving our clients’ bottom line and empowering our provider clients to deliver care better quality. In everything we do, we are inspired by our vision to create a thriving ecosystem that delivers accessible, high-quality and sustainable healthcare for all. For more information, please visit

About Hellman & Friedman

Hellman & Friedman is a preeminent global private equity firm founded in 1984 with a distinctive investment approach focused on large-scale equity investments in high-quality growth companies. H&F seeks to partner with world-class leadership teams where its deep industry expertise, long-term focus and collaborative partnership approach enables businesses to thrive. H&F targets outstanding companies in certain industries, including software and technology, financial services, healthcare, consumer and retail, and other business services. The firm is currently investing its tenth fund, with $24.4 billion in committed capital, and has over $95 billion in assets under management as of September 30, 2021. Learn more about the investment philosophy and approach from H&F for Sustainable Results at

About Bain Capital

Bain Capital has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since its founding in 1984. Bain Capital Private Equity ( has a global team of over 275 investment professionals that creates value for its portfolio companies through its global platform and deep expertise in key verticals including healthcare and technology. The firm has offices on four continents and has made primary or follow-on investments in more than 1,000 companies since its inception. Among these investments have been partnerships with dynamic healthcare companies dedicated to quality, access, innovation and improved patient outcomes (to learn more, please visit, and with large-scale, disruptive technology companies where the company’s deep knowledge of fundamental trends, its understanding of changing customer dynamics, and its expertise in vertical markets help accelerate growth. In addition to private equity, Bain Capital invests across all asset classes including credit, private equity, venture capital, real estate and insurance, managing approximately $150 billion in total and drawing leveraged the company’s shared platform to seize opportunities in strategic areas.

About Veritas Capital

Veritas is a long-time technology investor focused on companies operating at the intersection of technology and government. The company invests in companies that provide critical products, software and services, primarily technology and technology-based solutions, to government and commercial customers around the world. Veritas seeks to create value by strategically transforming the companies in which it invests through organic and inorganic means.

Leveraging technology to have a positive impact in areas of vital importance, such as health, education and national security, is at the heart of Veritas. We take pride in stewarding national assets, improving the quality of health care while reducing costs, advancing our education system, and protecting our nation and our allies. For more information, visit

About Elliott and Evergreen

Elliott Investment Management LP manages over $48 billion in assets. Its flagship fund, Elliott Associates, LP, was founded in 1977, making it one of the oldest funds under continuous management. Investors in Elliott Funds include pension plans, sovereign wealth funds, endowments, foundations, funds of funds, high net worth individuals and families, and company employees. Evergreen Coast Capital Corp. is Elliott’s subsidiary in Menlo Park, which focuses on technology investing.

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For athenahealth, Inc.
Rob Julavits
[email protected]

For Bain Capital
Alex Stanton/Charlyn Lusk
[email protected] /[email protected]
212-780-0701 / 646-502-3549

For Hellman & Friedman
Winnie Lerner
[email protected]

For Veritas Capital
Andrew Cole/Jenny Gore/Julie Rudnick
Sard Verbinnen & Co
[email protected]

For Elliott and Evergreen
Stephen Spruell
[email protected]
212-478-2017 / 917-583-3016

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