NextGen Healthcare Announces Agreement to Acquire Entrada, Inc.
12 April 2017 - 11:26PM
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, 949-255-2600Chief Financial
OfficerJArnold@nextgen.comorFor Media and Public Relations
Inquiries:NextGen HealthcareMamie Barker,
215-657-7010mmbarker@nextgen.com
Quality Systems (NASDAQ:QSII)
Historical Stock Chart
From Apr 2024 to May 2024
Quality Systems (NASDAQ:QSII)
Historical Stock Chart
From May 2023 to May 2024