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TAMPA — Carrollton, Ga.-based Greenway Medical Technologies Inc. has reached a definitive agreement to sell the company to Vitera Healthcare Solutions LLC of Tampa. Greenway Medical Technologies provides software, including for electronic health records, to health care providers.
Following the closing of the transaction, the Vitera and Greenway businesses will serve nearly 13,000 medical organizations and 100,000 providers.
Under the terms of the deal, Vista Equity Partners, which owns Vitera Healthcare Solutions, will pay Greenway stockholders $20.35 in cash for each share of Greenway common stock. The price represents a 62% premium to Greenway's 90-day volume weighted average stock price, and a 20% premium to Greenway's share price the day before the merger agreement was signed.
The all-cash transaction is valued at $644 million.
The Greenway board of directors has already approved the definitive merger agreement.
The resulting company will be Greenway Medical Technologies and the products and services of both Greenway and Vitera marketed under the Greenway brand.
“This transaction presents an opportunity to offer even greater value to our customers,” Matthew Hawkins, president and CEO of Vitera, says in a press release. “Combining our business with Greenway Medical Technologies demonstrates our intense focus on growth and our commitment to provide current and prospective customers with proven, integrated and easy-to-use solutions they need to grow profitably, increase practice efficiencies and improve patient outcomes....”
The deal is expected to close in the fourth quarter.
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