Bain Capital and Hellman & Friedman, the two private-equity investment firms have now seen the growth potential of the healthcare technology company Athenahealth, thus acquiring the firm for about $17 billion including loans.

Athenahealth is a private firm that provides cloud-based practice management, point-of-care mobile applications and electronic health record (EHR) systems for small to medium-sized (SMB) physician practices and hospitals.

Private equity firm Veritas Capital and hedge fund Elliot Investment collaborated to acquire Athenahealth and to take it private in 2018 for a $5.7 billion deal. Then in the same year, the firm was merged with a value-based care business firm Virence Health, which was acquired by the two firms from General Electric Healthcare in 2018. As a result of the deal, the shares of athenahealth common stock were removed from listing on Nasdaq and were also suspended from trading.

Then in September, it was reported that the two private firms Veritas Capital and Elliot Investment were looking for options to sell or file for an initial public offering for Athenahealth to a value of about $20 billion.

The firms Hellman & Friedman and Bain Capital were interested in buying the Electric Health Record company, as well as KKR, Thoma Bravo and Brookfield Asset Management and now the deal will soon be finalized. The Athenahealth will soon be owned by firms Bain Capital and Hellman & Friedman after a few days as the acquisition process of the firm in $17 billion will be done.

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