Conduent Inc CNDT agreed to sell its Midas Suite of Solutions for $340 million in cash to symplr. The sale consists of the Midas suite of patient safety, quality, and advanced analytics solutions, including DataVision and Statit.
- symplr is a global leader in healthcare operations, including governance, risk management, and compliance SaaS solutions, backed by Clearlake Capital Group, L.P., and Charlesbank Capital Partners.
- The Midas suite of solutions generated $72 million in 2020 revenue. The transaction will likely close in the first quarter of 2022.
- "As part of our strategy to streamline our portfolio, we consider divestitures of select businesses in order to enhance shareholder and client value," said Cliff Skelton, Conduent President, and CEO. "We believe this is a mutually beneficial transaction which will allow us to advance our capital allocation priorities. We are focused on providing a seamless transition for our associates and clients and are committed to delivering robust business process solutions to all industries, including the healthcare industry."
- Price Action: CNDT shares traded higher by 5.54% at $5.91 in the market session on the last check Tuesday.
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