Allscripts Healthcare Solutions is selling its care coordination subsidiary CarePort Health to WellSky, the companies said Tuesday.
WellSky, a company that develops software tools for post-acute care providers, has entered into a definitive agreement to acquire CarePort for $1.35 billion, representing more than 13 times CarePort’s revenue over the last 12 months and roughly 21 times the company’s adjusted earnings before interest, taxes and amortization.
CarePort represents roughly 6% of Allscripts’ revenue.
Allscripts and WellSky, which is owned by private-equity firms TPG Capital and Leonard Green & Partners, expect the sale to close before year-end.
WellSky officials said buying CarePort, which connects acute and post-acute care providers and payers, will better position the company to manage the acute-care discharge process, as well as tracking for patients across post-acute care settings.
Under the agreement, CarePort’s customers and employees will transition to WellSky.
“Together with CarePort, WellSky will establish new, meaningful connections