Veritas Capital is set to acquire a number of GE Healthcare units for $1bn
Private equity firm Veritas Capital is set to acquire three units from GE Healthcare: its Enterprise Financial Management (Revenue-Cycle, Centricity Business), Ambulatory Care Management (Centricity Practice Solution) and Workforce Management (formerly API Healthcare), comprising GE’s Healthcare’s Value-Based Care Division for $1.05bn in cash.
By creating value through strategically transforming the companies in which it invests through organic and inorganic means, Veritas has continually looked at ways to support the healthcare technology space. Its recent investments in Truven Health Analytics and Verscend Technologies highlight the company’s robust track record, working strategically with management teams to enhance customer benefits through accelerated growth, improved efficiencies, and the development of innovative products and services.
Through the deal, Veritas will therefore work alongside the GE management team to ensure a seamless transition of the business into a standalone company.
“Veritas Capital is the ideal firm to provide the focus and investment to take our business to the next level of scale and performance,” explained Jon Zimmerman, Vice President and General Manager of Value-Based Care Solutions at GE Healthcare.
“Our team has significant knowledge and expertise in the healthcare IT space, and by operating as a standalone business under Veritas’ ownership, we now have the opportunity to further revitalize our product portfolio and pursue complementary acquisitions to better serve patients, providers and payers.
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“With Veritas’ support and resources, we are excited to continue deepening our commitment and capabilities to help healthcare providers manage their financial, clinical, and employee workflows across the continuum of care.”
Harnessing data and analytics across hardware, software and biotech, GE Healthcare remains a lead provider of medical imaging equipment, with a track record of more than 100 years in the industry and over 50,000 employees across 100 countries.
“We see a tremendous opportunity to invest in this business and partner with management to take advantage of a $9bn market that continues to benefit from favourable sector trends, particularly a real and urgent need to digitalise our healthcare system,” added Ramzi Musallam, CEO and Managing Partner of Veritas Capital
“Similar to our previous healthcare technology investments, all of which have been corporate carve outs, we will be deeply customer-focused, and invest significantly in people, technology and infrastructure to support the evolving requirements of the company’s diverse customer group.”
Kieran Murphy, President & CEO of GE Healthcare, said, “GE Healthcare will continue to significantly invest in core digital solutions, such as smart diagnostics, connected devices, AI and enterprise imaging, that will drive precision health for our customers. We will continue to lead in data analytics, command centres, advanced visualisation and image management tools to create better customer and patient outcomes.”
The deal is expected to close in the third quarter.
OMNI: First-ever platform to launch citizen RPA developers
Robotic process automation (RPA) is the fastest growing segment of the enterprise software market due to its many benefits - from reducing manual errors to processing tasks faster. For businesses to truly benefit from this technology, RPA needs democratisation, and this is where citizen RPA development comes in.
Gartner describes a citizen RPA developer as "a user who creates new business applications for consumption by others using development and runtime environments sanctioned by corporate IT.” This could be anyone using IT tools and technology, not limited to IT specialists.
The work citizen RPA developers do spans from identifying automation opportunities to developing RPA architecture and solution proposals, focusing on scalability and extensibility. By deploying citizen RPA developers, organisations can enable enterprise automation and digital transformation on a much larger scale.
This is particularly beneficial for businesses struggling to undertake digital transformation, as a citizen RPA development programme can help drive adoption of automation as a strategic growth driver at multiple levels. With increased adoption, the cost of digital transformation becomes lower, increasing RoI.
Technology needs to be democratised – right from low-code and no-code platforms, business process modelling and identifying automation opportunities to decision-makers at all levels, creating a pool of early adopters. This group could comprise people across different functions, especially those who are aware of customer preferences, industry trends and end user experience.
But how can organisations harness the power of citizen RPA development? Step forward AiRo Digital Labs, a Chicago-headquartered global tech company.
AiRo provides innovative digital and automation solutions for the healthcare, pharmaceutical and life sciences sectors. In 2021 they launched OMNI, a subscription-based, SaaS platform to help clients accelerate their citizen RPA developer program and build digital centres of excellence (COE) within their organisation.
OMNI provides a personal RPA coach and virtual digital playground that helps enterprises rapidly build and scale automation, removing the risk of failure or talent gaps. The latter is key as research has shown that digitalisation is far more successful when championed by internal employees.
This has the added bonus of empowering employees - who will self-learn technologies including robotic process automation (RPA), artificial intelligence, machine learning, chatbots, and natural language processing (NLP), reducing the lead time for new applications and technology, as well as reducing technical gaps, making up for skills shortages and enabling their business to respond faster to critical market challenges. The virtual sandbox within OMNI gives access to all the major intelligent automation platforms where citizen RPA developers can build DIY digital prototypes. Additionally, they can access more than 150 digital assets within OMNI marketplace.
The platinum helpdesk of OMNI acts as your personal coach and is available 24 x 7 to address issues during the digital learning, prototype building, and digital governance journey.
Another key benefit is that it enables digitalisation to be bespoke to each organisation, compared to off-the-shelves initiatives plugged into the enterprise. Individual organisation's objectives decide the scope and size of the process.
As Gartner state, in today’s world of SaaS, cloud, low-code and “no-code” tools, everyone can be a developer.