New York – April 9, 2020, Blackstone (NYSE:BX) announced today that funds managed by Blackstone (“Blackstone”) have completed their previously announced acquisition of a majority stake in HealthEdge Software (“HealthEdge”), a leading healthcare technology company that delivers next generation Core Administrative Processing Systems (CAPS) solutions to customers across the healthcare ecosystem.
HealthEdge provides mission-critical CAPS solutions to healthcare payors, enabling them to seamlessly and efficiently administer benefits, configure plans, manage providers and enroll participants. Their products offer a modern, simple user interface, greater flexibility, and a cloud-compliant solution well suited to the increasingly complex and data-rich healthcare environment.
Steve Krupa, CEO of HealthEdge, said: “Blackstone’s operational expertise, resources, and long-term investment focus made them an ideal partner to help us continue to successfully expand our business in the years ahead. We look forward to working with Blackstone to continue better serving our customers in this next chapter for HealthEdge.”
Ram Jagannath, Global Head of Healthcare for Blackstone Growth (BXG), said: “We’re excited to work with HealthEdge’s world-class management team as the company continues to deliver innovative, industry-leading software to its customers. HealthEdge provides a differentiated and dynamic cloud-native solution, and we look forward to supporting the growth of its value-added offerings over time.”
Morgan Stanley & Co. LLC served as financial advisor and Goodwin Procter LLP was legal advisor for HealthEdge. TripleTree served as financial advisor and Debevoise & Plimpton LLP was legal advisor for Blackstone. Terms of the transaction were not disclosed.
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $571 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at blackstone.com. Follow Blackstone on Twitter @Blackstone.
HealthEdge® provides modern, disruptive healthcare IT solutions that health insurers use to leverage new business models, improve outcomes, drastically reduce administrative costs and connect everyone in the healthcare delivery cycle. Our next-generation enterprise solution suite, HealthRules®, is built on modern, patented technology and is delivered to customers via the HealthEdge Cloud or onsite deployment. An award-winning company, HealthEdge empowers health insurers to capitalize on the innovations, challenges and opportunities that await in the new healthcare economy. For more information, visit http://www.healthedge.com, https://www.linkedin.com/company/healthedge, https://www.facebook.com/HealthEdgeInc, or follow HealthEdge on Twitter @HealthEdge.