Francisco Partners has made a growth equity investment in healthcare information company Availity. The latter's existing investor group also participated in the fund.
Availity, based in Jacksonville, works with healthcare providers, hospitals, physicians and patients in giving real-time information to help them reduce costs and improve patient outcomes. The company is backed by a group that includes health insurer Anthem Inc. (NYSE: ANTM).
"This new investment uniquely positions us to enable a 21st century healthcare system and fuels Availity to rapidly deliver on inorganic and organic growth opportunities," says Availity CEO Russ Thomas.
Francisco Partners is a San Francisco-based technology-focused firm that has raised more than $10 billion in capital to date. The investment firm received Mergers & Acquisitions Private Equity Firm of the Year award for 2016. Francisco Partners portfolio company eSolutions is purchasing data analytics firm RemitDATA Inc.
Piper Jaffray Cos. (NYSE: PJC) and Taft Stettinius & Hollister LLP advised Availity. Kirkland & Ellis represented Francisco Partners. Financial terms of the deal were not disclosed.
In other healthcare technology deals, EQT has agreed to acquire a majority stake in healthcare technology provider Certara; Fidelity National Financial Inc. (NYSE: FNFV) has agreed to buy medical software and documentation provider T-System Holdings; and New Mountain Capital-backed Ciox Health acquired data service company Arrohealth.