Wolters Kluwer Health has signed an agreement to divest ProVation Medical, its procedure documentation and order set management software business, to Clearlake Capital Group, L.P. for $180 million (approximately €150 million) in cash.
The divestment reflects the Health division's increasing focus on supporting healthcare providers in delivering improved patient outcomes by offering a broad and cohesive suite of products, from healthcare learning and research, to advanced clinical decision support, terminology management and patient engagement. This broad-based, multispecialty and integrated range of solutions can most effectively help healthcare providers in improving outcomes and reducing variability in care.
ProVation Medical is the U.S. market-leader in gastroenterology procedure documentation software and is also a major supplier of order sets to hospitals and ambulatory surgery centers. The business had revenues of €65 million in 2016 and has approximately 200 employees.
Completion of the divestment is subject to customary closing conditions and is expected to take several months. Assuming completion, Wolters Kluwer intends to deploy the proceeds of the divestment towards additional share repurchases in order to mitigate the expected earnings dilution.
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