NextGen Healthcare Announces Agreement to Acquire Entrada, Inc.
IRVINE, Calif.--(BUSINESS WIRE)--
NextGen
Healthcare Information Systems, LLC, a wholly owned subsidiary of Quality
Systems, Inc. (NASDAQ: QSII), announced today an
agreement to acquire Entrada,
Inc. (Entrada). The transaction is expected to close promptly upon
the completion of customary closing conditions and will be settled in
all cash with a value of approximately $34M. In calendar year 2016,
Entrada had revenue of approximately $12 million and had a loss of
approximately $2 million. Quality Systems will provide additional
transaction details at its upcoming May conference call to review
results of its fiscal year 2017 fourth quarter and year ended March 31,
2017.
Based in Nashville, TN, Entrada is a leading provider of cloud-based
solutions that are reshaping the way care is delivered by leveraging the
power of mobile whenever and wherever care happens. Entrada's
best-in-class mobile app integrates with multiple clinical platforms and
all major EHRs. Because of its functionality and integration with
clinical systems, it is a vital part of the daily clinical workflow for
users. Entrada enables organizations to maximize their existing
technology investments while simultaneously enhancing physician and
staff productivity.
"Mobile health solutions - in the palm of the provider - are quickly
becoming some of the most valuable real estate in healthcare," said
Rusty Frantz, President and CEO of NextGen Healthcare. "We intend to
invest in expanding Entrada's capabilities, continuing to provide
enhancements to their already impressive platform. This acquisition will
improve physician satisfaction by providing a better caregiver and
patient experience, while enabling clients to improve financial
outcomes."
"Entrada is focused on improving clinical workflows and creating
opportunities for additional provider and patient engagement for the
next generation of care delivery," noted Bill Brown, CEO of Entrada.
"With NextGen Healthcare's resources, we can accelerate unlocking the
productivity potential for caregivers, ultimately helping them gain time
to focus on their patients."
The seller was represented by JEGI.
About
Entrada, Inc.
Entrada is a leading provider of integrated mobile solutions that
improve healthcare efficiencies and outcomes. Entrada's commitment is to
protect physician and staff productivity for the next generation of
patient care. For more information, please visit www.EntradaHealth.com.
About
Quality Systems, Inc.
Quality Systems, Inc. and its wholly owned subsidiary, NextGen
Healthcare, develop and provide a range of software and services for
medical and dental group practices. The Company's solution portfolio is
readily integrated and collectively positioned to reduce total cost of
ownership for its client partners, as well as enable the transition to
value-based healthcare. Visit www.qsii.com
and www.nextgen.com
for additional information.
SAFE HARBOR PROVISIONS FOR FORWARD-LOOKING STATEMENTS
Certain statements in this news release are forward-looking
statements within the meaning of the federal securities laws, including
but not limited to statements regarding the anticipated impact of the
Entrada acquisition. These forward-looking statements may contain
the words "believe," "anticipate," "continue," "expect," "plan,"
"potential," "predict," "estimate," "outlook," "project," "will be,"
"will continue," "will likely result," or other similar words and
phrases. The Company cautions investors not to place undue reliance on
any such forward-looking statements, which are based on information
available at the time those statements are made or management's good
faith belief as of that time with regard to future events, and should
not be read as a guarantee of future performance or results. Risks and
uncertainties exist that may cause results to differ materially from
those set forth in these forward-looking statements. Factors that could
cause the anticipated results to differ from those described in the
forward-looking statements include, but are not limited to, successfully
integrating Entrada's personnel, systems and business, and market and
financial conditions which may impact the performance of Entrada as well
as those risks set forth in the Company's public filings with the U.S.
Securities and Exchange Commission, including the discussion under the
heading "Risk Factors" in the Company's most recent Annual Report on
Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q. These
forward-looking statements speak only as of the date hereof. The Company
expressly disclaims any intent or obligation to update these
forward-looking statements except as required by law.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170412005643/en/
For Investor Relations Inquiries:
Quality Systems, Inc.
Jamie
Arnold, 949-255-2600
Chief Financial Officer
[email protected]
or
For
Media and Public Relations Inquiries:
NextGen Healthcare
Mamie
Barker, 215-657-7010
[email protected]
Source: NextGen Healthcare Information Systems, LLC
News Provided by Acquire Media
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