Athenahealth plans to acquire Praxify Technology for $63M
In an acquisition to bolster its use of the cloud and mobile technologies to enhance care delivery, athenahealth has announced its intentions to acquire Praxify Technologies.
In documents filed with the Security and Exchange Commission, Watertown, Mass.-based athenahealth said it plans to pay as much as $63 million in cash for Praxify. At the close of the transaction, Praxify will become a wholly owned subsidiary of athenahealth, which develops and sells clinical records systems for physician practices and hospitals.
Praxify, based in Palo Alto, Calif., is developing applications to drive productivity, portability and improved decision support. Executives from athenahealth say they expect the acquisition will enable it to advance its efforts to improve workflows and bring decision making intelligence to the point of care.
"Leveraging advancements in machine learning and natural language processing, Praxify has invested several years in developing highly intuitive technology to enhance the delivery of high quality patient care,” says Prakash Khot, chief technology officer at athenahealth. “In combination with our cloud platform and services, Praxify's team and technology will help us further reduce the many inefficiencies of healthcare's clinical and operational workflows."
Executives of athenahealth believe the acquisition will accelerate its research and development initiatives by adding significant expertise in mobile and user experience design. Additionally, the underlying technology on which Praxify is built will be integrated into athenahealth's cloud platform, and will create new opportunities for both internal and third-party developers to rapidly build and launch applications.
"We will work together to surface new streams of knowledge in natural and mobile ways, so providers and care teams can be fully present, informed, and efficient. We're thrilled to have their talented team join our mission to make healthcare work as it should," Khot says.