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Private equity firm Veritas Capital plans to acquire a health-care technology unit from General Electric, the firms said Monday.
Veritas will buy GE's revenue-cycle, ambulatory care and workforce management software unit, which includes the value-based care division, for $1.05 billion in cash. In a statement, Veritas CEO Ramzi Musallam said the firm sees a "tremendous opportunity" to invest in the business and a $9 billion market.
Kieran Murphy, CEO of GE Healthcare, the $19 billion health-care division of the conglomerate, said the unit will continue to "significantly invest" in core digital solutions like smart diagnostics and artificial intelligence.
"Our team has significant knowledge and expertise in the healthcare IT space, and by operating as a standalone business under Veritas' ownership, we now have the opportunity to further revitalize our product portfolio and pursue complementary acquisitions to better serve patients, providers and payers," Jon Zimmerman, vice president and general manager of value-based care solutions at GE Healthcare, said in a statement.
The deal is expected to close in the third quarter.
General Electric's CEO, John Flannery, has sought to reshape the company since taking over last summer. GE has been under pressure to make changes, with its stock price down more than 20 percent year to date.