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UPDATE 2-TPG to buy healthcare IT platform Nextech for $1.4 bln

Reuters
Updated ·1 min read

(Adds background in paragraphs 2-5)

July 19 (Reuters) - TPG Inc said on Wednesday it has agreed to buy healthcare IT platform Nextech for $1.4 billion to increase the private equity firm's presence in the healthcare services market.

The deal gives TPG access to Nextech's network of over 11,000 physicians and more than 60,000 clinics, to which it provides services.

TPG has already invested in data and clinical research services provider IQVIA Holdings and healthcare software companies WellSky and Lyric.

WellSky provides data and support services to hospitals and home-care providers, while Lyric provides software for editing and streamlining health insurance claims and payments.

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The latest deal comes months after TPG partnered with drug distributor AmerisourceBergen to buy out OneOncology in a deal valued at $2.1 billion, gaining access to a network of cancer specialists.

Florida-based Nextech provides specialty physician offices with electronic medical records and a software platform to help manage their administrative and financial tasks.

TPG said it will invest in the platform through its private equity arm, TPG Capital.

The deal is subject to regulatory review and is expected to close in the third quarter of this year, TPG said. (Reporting by Bhanvi Satija in Bengaluru; Editing by Devika Syamnath and Shounak Dasgupta)