Maximus (NYSE: MMS) is buying private equity-backed Acentia for $300 million.
Acentia, headquartered in Falls Church, Virginia, provides technology and management services to federal government, civilian and health agencies. The company develops software, manages programs and provides information technology services. Acentia, led by CEO Todd Stottlemyer, has been backed by Snow Phipps Group LLC, a New York-based private equity firm, since 2009.
Reston, Virginia-based Maximus says the deal expands its federal services business. The company provides government health and human services in the U.S., U.K., Canada, Australia and Saudi Arabia. Maximus aims to improve cost effectiveness, efficiency and quality of government-sponsored benefit programs, such as the Affordable Care Act, Medicaid, Medicare, Children's Health Insurance Program, Health Insurance BC, plus welfare-to-work and child-support programs.
Houlihan Lokey was Acentia's financial adviser, and Holland & Knight LLP provided legal advice.
We've seen a slew of deals, especially technology deals, spurred by changes to health care. Recent transactions include Digirad Corp.'s (Nasdaq: DRAD) deal for MD Office Solutions earlier in March, and Catamaran Corp.'s (Nasdaq: CTRX) $405 million deal for Healthcare Solutions, in February.