Private equity firm Veritas Capital and hedge fund Elliott Management have agreed to acquire U.S. healthcare software maker Athenahealth for $5.5 billion in cash, people familiar with the matter said on Sunday.
Athenahealth, whose cloud-based service is used to track revenue from patients, physicians and hospitals, had been under pressure to sell itself from Elliott, which has about a 9 percent stake in the company. As part of a restructuring effort this year, it has cut jobs and hired former General Electric Chief Executive Jeff Immelt as chairman.
The acquisition, which values Athenahealth at around $135 per share, will be announced on Monday, the sources said, asking not to be identified ahead of any official statement.
The sources asked not to be named because the deal has not yet been announced. Athenahealth, Elliott and Veritas Capital did not immediately respond to requests for comment.
