SAIC to acquire maxIT Healthcare
Westfield-based maxIT Healthcare Holdings Inc., a leading health care IT consulting firm, has agreed to terms to sell itself for $473 million to Science Applications International Corp. of Virginia. The companies made the announcement July 17.
MaxIT Healthcare, the largest private independent health care IT consulting company in North America, provides a comprehensive range of health care IT services and solutions primarily to commercial hospital groups and other medical delivery organizations. It has an extensive commercial customer base and has served more than 600 hospitals, hospital groups, physician practices and accountable care organizations (ACOs) in the U.S. and Canada.
As a result of the acquisition, approximately 1,300 employees from maxIT Healthcare will join SAIC’s Health Solutions Business Unit. HSBU is a part of the Health, Energy and Civil Solutions Group, led by SAIC Group President Joe Craver.
“The maxIT Healthcare team brings significant capabilities and talent to SAIC, as well as an outstanding reputation with its customers for providing the highest level of service,” said Craver. “Combined with our acquisition of Vitalize Consulting Solutions, this deal enhances SAIC’s capabilities to address the nation’s challenge of rising health care costs, access to quality care, and the need to improve patient outcomes.”
This combination creates the nation’s largest commercial consulting practice in electronic health record implementation and optimization services and enables the combined operations to better serve health care providers by helping them achieve their universal objectives – reduced health care costs, effective use of data to make more informed decisions and improved patient care.
“The combined strengths of maxIT, SAIC and VCS will be a significant differentiator in the health care IT market. We look forward to continued growth as part of the SAIC team, while maintaining flexibility to meet the ever-changing needs of the health care market,” said Mike Sweeney, president and CEO of maxIT Healthcare.
“We share so much already with the SAIC team – high ethical values and culture, financially sound business practices, and most importantly, our passion for making a significant difference in one of the most important industries in the world, health care,” added Parker Hinshaw, maxIT Healthcare founder.
The acquisition is expected to close in August. At closing, SAIC will pay approximately $473 million. In addition, SAIC expects to pay up to $20 million to maxIT Healthcare shareholders after receipt of certain tax refunds following closing.