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Veritas-Backed Gainwell Closes $3.4B Cash Buy of Health Tech Maker HMS; Ramzi Musallam Quoted

Gainwell Technologies, a Veritas Capital portfolio company offering health and human services, has completed the acquisition of Irving, Texas-based health care technology provider HMS Holdings for approximately $3.4 billion in cash, or $37 per share.

Veritas looks to optimize HMS’ product suite across Gainwell and private equity-backed health care analytics company Cotiviti through the transaction, which was first announced Dec. 21, the companies said Thursday.

Gainwell obtained HMS’ Medicaid-focused offerings through the deal while Cotivity gained access to population health management and payment integrity tools designed for federal and health plan sectors.

Ramzi Musallam, CEO and managing partner of Veritas and six-time Wash100 winner, said HMS has “differentiated capabilities” in the public and private health space he believes will help drive strategic efforts at Gainwell and Cotiviti.

Gainwell was formed by Veritas upon completion of the investment firm’s $5 billion cash purchase of the state and local HHS business from DXC Technology (NYSE: DXC) in October 2020.

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