ResMed is expanding its out-of-hospital software portfolio with the acquisition of MatrixCare. The San Diego, CA-based company will pick up MatrixCare for about $750 million. The deal is expected to close in ResMed’s 2Q19.
MatrixCare, is a specialist in long-term post-acute care software, serving more than 15,000 providers across skilled nursing, life plan communities, senior living and private duty. These care settings are complementary to ResMed’s current software-as-a-service (SaaS) offerings in home medical equipment, home health and hospice, delivered through Brightree and HEALTHCAREfirst.
Last year, the company brought in about $122 million in revenue.
“By establishing a technology footprint across these major care settings, ResMed will drive an integrated ecosystem of solutions, such as maintaining single-patient records across multiple care settings, generating analytics and insights that can be applied to individuals and whole populations, and streamlining processes for healthcare providers across the care continuum,” ResMed SaaS President Raj Sodhi, said in a release.
On completion of the transaction, MatrixCare will continue to operate as a standalone business within ResMed’s SaaS portfolio, with targeted commercial, technical and operating links to ResMed and Brightree. There will be no immediate changes to management, locations or business processes. MatrixCare CEO John Damgaard will continue in his current role, reporting to Raj Sodhi.
ResMed was one of MDDI’s 2017 Medtech company of the year 2017 Finalists. The company recently revealed it was collaborating with Verily Lifesciences to form a joint venture to develop software solutions to identify and treat sleep apnea, as well as study the financial aspects of the disease if it goes undiagnosed and untreated.