NextGen is engaged in offering cloud-based technology solutions to the healthcare industry. Credit: National Cancer Institute/Unsplash.

Private equity company Thoma Bravo has signed a definitive agreement to buy US-based software company NextGen Healthcare.

As per the terms of the agreement, Thoma Bravo will offer $23.95 per share in cash to NextGen.

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Citing Thoma Bravo’s representative, Bloomberg reported that the deal values NextGen at about $1.8bn, including debt.

The per-share purchase price, according to Thoma Bravo, represents a 46.4% premium to NextGen’s unaffected closing stock price on 22 August 2023, the last trading day before media reports emerged about a potential deal.

NextGen is engaged in offering cloud-based technology solutions to the healthcare industry.

Following the deal, NextGen will become a private company and its stock will cease to be listed on any stock exchange.

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NextGen Healthcare president and CEO David Sides said: “Under the terms of the agreement, NextGen Healthcare shareholders will receive significant immediate cash value for their shares. In addition, with Thoma Bravo as a partner, the company will benefit from increased capital, expertise and strategic flexibility to accelerate the company’s leadership in providing healthcare technology solutions.”

Thoma Bravo vice president Peter Hernandez said: “We have followed NextGen Healthcare’s impressive business transformation for many years and are excited to apply Thoma Bravo’s strategic and operational expertise to drive continued growth and innovation.

“We look forward to partnering with the NextGen Healthcare team to further accelerate product investments to better support the increasingly complex needs of ambulatory providers and ultimately improve patient outcomes.”

Subject to customary closing conditions, the transaction is expected to be completed by the fourth quarter of 2023.

As of 30 June 2023, software investor Thoma Bravo had more than $131bn in assets under management.

Last month, Roper Technologies purchased software company Syntellis Performance Solutions for $1.25bn from Thoma Bravo and Madison Dearborn Partners.