Wolters Kluwer Health to Divest ProVation
January 11 2018 - 1:01AM
Wolters Kluwer Health to Divest
ProVation
January 11, 2018 - 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.
Diana Nole, CEO of Wolters Kluwer Health, said,
"As we continue to evolve the Wolters Kluwer Health business, we
are pleased to have found a buyer for ProVation who has extensive
experience in software and technology and is well-positioned to
continue delivering superior products to our mutual customers."
Behdad Eghbali, Co-Founder and Managing Partner
of Clearlake, and Prashant Mehrotra, Partner of Clearlake, said,
"We are excited to welcome ProVation as a new platform investment
into the Clearlake portfolio. The business has a strong
reputation among its customer base for providing mission critical
software with the highest degree of customer satisfaction. We
are committed to investing in the business and partnering with the
ProVation team to help drive the next phase of growth."
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.
About Wolters Kluwer
Wolters Kluwer N.V. (AEX: WKL) is a global
leader in information services and solutions for professionals in
the health, tax and accounting, finance, risk and compliance, and
legal sectors. We help our customers make critical decisions every
day by providing expert solutions that combine deep domain
knowledge with specialized technology and services.
Wolters Kluwer reported 2016 annual revenues of
€4.3 billion. The company, headquartered in Alphen aan den Rijn,
the Netherlands, serves customers in over 180 countries, maintains
operations in over 40 countries, and employs 19,000 people
worldwide.
Wolters Kluwer shares are listed on Euronext
Amsterdam (WKL) and are included in the AEX and Euronext 100
indices. Wolters Kluwer has a sponsored Level 1 American Depositary
Receipt program. The ADRs are traded on the over-the-counter market
in the U.S. (WTKWY). For more information about our
solutions and organization, visit www.wolterskluwer.com, follow us
on Twitter, Facebook, LinkedIn, and YouTube.
Media |
|
Annemarije
Dérogée-Pikaar |
Ann Joyal |
Global Brand &
Communications |
Global Brand &
Communications, Health |
t + 31 172 641 470 |
781-392-3831 |
annemarije.pikaar@wolterskluwer.com |
ann.joyal@wolterskluwer.com |
Investors/AnalystsMeg GeldensInvestor Relationst + 31 172
641 407ir@wolterskluwer.com
Forward-looking Statements and Other Important Legal
InformationThis report contains forward-looking statements.
These statements may be identified by words such as "expect",
"should", "could", "shall" and similar expressions. Wolters Kluwer
cautions that such forward-looking statements are qualified by
certain risks and uncertainties that could cause actual results and
events to differ materially from what is contemplated by the
forward-looking statements. Factors which could cause actual
results to differ from these forward-looking statements may
include, without limitation, general economic conditions;
conditions in the markets in which Wolters Kluwer is engaged;
behavior of customers, suppliers, and competitors; technological
developments; the implementation and execution of new ICT systems
or outsourcing; and legal, tax, and regulatory rules affecting
Wolters Kluwer's businesses, as well as risks related to mergers,
acquisitions, and divestments. In addition, financial risks such as
currency movements, interest rate fluctuations, liquidity, and
credit risks could influence future results. The foregoing list of
factors should not be construed as exhaustive. Wolters Kluwer
disclaims any intention or obligation to publicly update or revise
any forward-looking statements, whether as a result of new in
formation, future events or otherwise.
This press release contains information which is
to be made publicly available under Regulation (EU) 596/2014.
Attachments:
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