ResMed (ASX:RMD) has announced the US$800 million acquisition of cloud-based software company Brightree.
ResMed is a global leader in the development and commercialisation of devices and treatments for sleep-disordered breathing, chronic obstructive pulmonary disease, and other chronic diseases.
It has acquired US-based Brightree from private-equity firm Battery Ventures.
Brightree is the largest provider of cloud-based software to the post-acute health care industry in the US. It services more than 2,500 organisations, including many of the home medical equipment suppliers that distribute ResMed's devices. The cloud-based software streamlines back-office functions including billing and interactions with doctors and insurers.
"This acquisition furthers ResMed's position as the leading tech-driven medical device company and gives our customers new tools to help them increase operational efficiency and improve cash-flow while delivering best-in-class patient care," said Mick Farrell, CEO of ResMed. "ResMed is already the recognized global leader in remote patient monitoring and connected healthcare solutions. This acquisition will enable us to add to our portfolio of digital solutions to drive operational excellence and improve outcomes for patients, providers and payers."
"The Brightree team is very excited to join forces with ResMed to help post-acute care providers navigate the inherent complexities of the healthcare system and ensure that patients get the care they need," said Dave Cormack, president and CEO of Brightree.
Under the terms of the agreement, ResMed will acquire Brightree for US$800 million in cash, which ResMed will fund primarily with debt. Brightree had net sales of approximately US$113 million and EBITDA of about US$43 million in calendar year 2015.