The deal with Veritas follows a review that “we believe maximizes value for our shareholders and accelerates our goal to transform healthcare,” said Jeff Immelt, executive chairman of athenahealth, in a statement, noting that the Virence combination will lead to new opportunities for growth, and that “operating as a private company with Veritas's ownership and support will provide athenahealth with increased flexibility to achieve our purpose of unleashing our collective potential to transform healthcare.”

Ramzi Musallam, CEO and managing partner of Veritas Capital, says that Virence and athenahealth offer different, complementary solutions, and bring to the table “deep relationships with their respective customer bases.”


“The Virence name is a composite of different values – virtue, vital, and essential,” Bob Segert, chairman and CEO of Virence, told HCB News at the time. “It symbolizes the virtue of our customers who deliver healthcare, as well as the vital and essential role our solutions play in helping our customers achieve their missions. It's meant to be a strong name that can stand alone or be combined elegantly with our passion, which is healthcare.”

Value-Based Care Solutions Group was rebranded in mid-October as Virence Health Technologies. Acquired by Veritas in July for $1 billion, the company specializes in the design of revenue cycle, ambulatory practice and workforce management solutions.

The buy was called “an exciting chapter” by Musallam at the time.

When the deal was first announced in April, he had called the opportunities in the $9 billion healthcare tech market “tremendous.”

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