That was kind of a short roll for Greenway being a public company as it was just in February of 2012 they had their IPO.  This seems to be a trend with companies going private or the huge amount of buy backs happening in the markets to stir up share prices.  Vitera is another healthcare solutions company that provides electronic medical records.  The entire focus of the IPO was to raise $100 million. 

Greenway Medical Records IPO–Videos and Pictures at NYSE Getting Old as Hospitals and Doctors Struggle for Income And Close

The Greenway Medical Technologies will be the branded name for both technologies as far as market recognition which makes sense as Greenway is out there in the public eye more so than the Vitera name.  It sounds like the technologies will be kept imageseparate which is a smart move and this way when it comes to a solution a choice can be presented to the client for the best fit, so goodbye shareholders…for now anyway.  You can read the full press release at the link at the bottom of the post. 

It was just last month that Humana announced they would pay MDs to use the Greenway system, up to 85%.

Humana Offers Financial Incentives for Primary Care Physicians To Use Greenway EHR PrimeSUITE–Up to 85% Reimbursement Possible

Who else uses Greenway, Walgreens, one of the big data hungry monster retail drug chains, duking it out with CVS on a daily basis providing pharmacists with pay for performance money from United Healthcare.  Let me tell you that is one drug store to watch with all their data today they are making close to a billion selling our data each year and who knows it might be a lot bigger than that with the recent purchases and the billion was about where it stood a year ago. 

Walgreens Expands Take Care EHR Medical Records to be Available at All Drug Store Locations for Reference–Not For Me I’d Rather Use My PHR And Choose What I Want To Share…

When I looked at the Vista Equity partners website, here’s another blast from the past with Misys (the original Allscripts imagesoftware) listed as one of their portfolio companies who left healthcare to jump into the banking business. 

From the short history here this looks like a situation where money was needed and their product coverage is big but dollars needed to keep it going.  I am guessing the IPO provided some relief of course while it lasted.  BD


Carrollton, GA, and Tampa, FL, September 23, 2013 — Greenway Medical Technologies, Inc. (NYSE: GWAY) today announced a definitive agreement which will result in the combination of the businesses of Greenway and Vitera Healthcare Solutions, LLC. The transaction will create a leader in healthcare information technology and services, offering a comprehensive set of solutions to improve clinical and financial outcomes in healthcare enterprises, ambulatory practices, public health, retail and other clinics nationwide. Following the closing of the transaction, the Vitera and Greenway businesses will serve nearly 13,000 medical organizations and 100,000 providers.

Under the terms of the agreement, Vista Equity Partners, which owns Vitera Healthcare Solutions, will pay Greenway stockholders $20.35 in cash for each share of Greenway common stock they hold. The price represents a 62% premium to Greenway’s 90-day volume weighted average stock price, and a 20% premium to Greenway’s closing share price the day before the merger agreement was signed. The all-cash transaction is valued at approximately $644 million. The Greenway Board of Directors has unanimously approved the definitive merger agreement. Upon closing, Greenway will operate as a privately held company.

“We are pleased to approve this agreement and look forward to completing this transaction,” said W. Thomas “Tommy” Green, founder of Greenway Medical Technologies and Chairman since the company’s inception in 1998. “It provides substantial cash value for our stockholders, and reflects our deep commitment to drive innovation that helps healthcare professionals succeed and thrive in today’s evolving healthcare landscape.”

http://www.greenwaymedical.com/press-releases/2013/09/medical-technologies-vitera-healthcare-solutions-combine/?mkt_tok=3RkMMJWWfF9wsRoiv6%2FNZKXonjHpfsX57%2BsvWqe1lMI%2F0ER3fOvrPUfGjI4FSsRqI%2BSLDwEYGJlv6SgFT7nBMaJ23bgFWxg%3D

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